Saturday, April 13, 2024

Ads by Google

Ads by Google

Maharashtra NMMS 2023 scholarship selection list released, direct link to check

NEW DELHI: The Maharashtra State Examination Council has released the selection list for the National Means-cum-Merit Scholarship (NMMS 2023-24) today, April 13. The Ministry...
HomeBusinessStock market rally: BSE Sensex jumps over 2% in 3 days; leaves...

Stock market rally: BSE Sensex jumps over 2% in 3 days; leaves investors richer by Rs 10.58 lakh crore

Stock market rally

today: The three day winning streak of

BSE Sensex

has left investors richer by Rs 10.58 lakh crore. Investors have witnessed a significant increase in wealth by Rs 10.58 lakh crore during three days of the market rally, with the BSE benchmark surging over 2 percent and reaching an all-time high on Monday.
The 30-share BSE Sensex continued its winning streak for the third consecutive day on April 1, rising by 363.20 points or 0.49 per cent to close at 74,014.55.

In a remarkable feat, it soared 603.27 points or 0.81 per cent to hit a record high of 74,254.62 during the day.
The market capitalisation of BSE-listed companies also saw a substantial increase of Rs 10,58,034.42 crore to reach Rs 3,93,15,471.18 crore ($4.74 trillion) in just three days, according to a PTI report. The BSE benchmark Sensex registered a notable surge of 1,544.25 points or 2.13 per cent over the same period.
The positive momentum in the equity markets persisted, with both BSE Sensex and


reaching new highs fueled by bargain hunting, indicating a strong investor appetite for equity assets despite occasional challenges.

Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, highlighted that despite challenges such as delayed rate cuts and uncertainty surrounding geo-political tensions, positive factors such as optimism surrounding India’s reform initiatives and the anticipation of the ruling party’s return to power in the upcoming elections are key factors driving investor confidence.
Among the top gainers in the Sensex basket were JSW Steel, Tata Steel, UltraTech Cement, NTPC, Larsen & Toubro, and HDFC Bank, while Titan, Nestle, Bharti Airtel, and IndusInd Bank lagged behind. In the broader market, the BSE smallcap index surged by 2.98 per cent, and the midcap index climbed by 1.64 per cent.

Various sectors including realty, telecommunication, metal, commodities, utilities, and industrials experienced notable gains, while consumer durables and auto sectors faced challenges. The market witnessed 3,212 stocks advancing, 698 declining, and 148 remaining unchanged on the BSE, with 169 stocks hitting their 52-week high and 57 firms touching their 52-week low.
The new financial year started on a positive note in the Indian market, with expectations of continued favorable momentum supported by global optimism for a US Fed rate cut and strong domestic earnings forecast for Q4 FY24. Metal stocks performed exceptionally well due to encouraging Chinese PMI data, signaling economic recovery.
Looking ahead, the market direction will be influenced by the RBI monetary policy, India PMI data, and US non-farm payroll data, according to Vinod Nair, Head of Research at Geojit Financial Services.