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Investor wealth surges by Rs 1.96 lakh cr as stocks zoom

Source: PTI
October 25, 2017 20:08 IST
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From the 30-share pack, 18 stocks ended with gains led by SBI, which surged 27.58 per cent, and ICICI Bank 14.69 per cent.

Stock market investors became richer by Rs 1.96 lakh crore on Wednesday following a smart show in the stock market, where the benchmark Sensex breached the 33,000-mark for the first time.

 

Strong gains in the broader market also helped the total market valuation of BSE-listed companies hit a record high of Rs 141 lakh crore.

Riding high on strong sentiment in the broader market, the market capitalisation (m-cap) of BSE-listed companies rose by Rs 1,96,629.16 crore to Rs 1,41,79,644 crore.

The 30-share index surged 435.16 points, or 1.33 per cent -- its biggest single session gain since May 25 when it had surged 448.39 points -- to close at a new peak of 33,042.50. The index touched its life high of 33,117.33 intra-day.

"The Great Recap, as it could possibly be remembered, surprised the Street positively. The finer details and whether the recap's impact is neutral on the fiscal side are things, which need to be evaluated. Having said that, the freeing up of credit in the PSU banking system is a positive," said Kunj Bansal, executive director and CIO, Equity, Centrum Wealth Management Ltd.

From the 30-share pack, 18 stocks ended with gains led by SBI, which surged 27.58 per cent, and ICICI Bank 14.69 per cent.

"The government's recapitalisation plan sparked astonishingly steep gains in PSBs," said Anand James, chief market strategist, Geojit Financial Services Ltd.

Among sectoral indices, PSU rose the most by surging 8.07 per cent, followed by bankex 4.71 per cent, capital goods 3.33 per cent and infrastructure 2.23 per cent.

Photograph: Sahil Salvi

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Related News: ICICI Bank, PSU, SBI, BSE, CIO
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