New Delhi: Investor wealth rose by over Rs 1 lakh crore on Wednesday as the BSE Sensex surged by 481 points on forecast of an 'above normal' monsoon and positive macroeconomic data.
The 30-share index ended higher by 481.16 points or 1.91 per cent at 25,626.75 -- its highest closing since January 1.
Consequently, the market capitalisation of BSE-listed companies went up by over Rs 1.35 lakh crore to Rs 96.92 lakh crore.
"Market participants were upbeat after a host of factors namely, forecast of good rains, further easing of consumer price inflation and a rebound in industrial production during the month of February gave an impetus to the rally on the domestic bourses," said Shreyash Devalkar, Fund Manager ? Equities, BNP Paribas Mutual Fund.
After two consecutive drought years, the country will receive "above normal" monsoon with a fair distribution of rainfall across major parts of country and it will be a "good year", the Met office predicted yesterday, easing fears of struggling farmers.
Industrial production grew at 2 per cent in February after remaining negative for three months and retail inflation dropped to a 6-month low of 4.83 per cent in March, reflecting some improvement in the economy and offering further scope to RBI to stay accommodative.
From the 30-share Sensex pack, 28 ended in the green.
Infosys and Adani Ports finished with losses.
On the sectoral front, the BSE auto index was the biggest gainer, followed by banking and metal.
At the BSE, 1,600 stocks advanced, while 1,093 declined. 147 stocks remained unchanged.