Strong stocks show: Investors richer by Rs 9 lakh crore in March
The post-Budget rally in the stock market in March helped the BSE benchmark Sensex surge over 10 percent, making investors richer by more than Rs 8.91 lakh crore.
New Delhi: The post-Budget rally in the stock market in March helped the BSE benchmark Sensex surge over 10 percent, making investors richer by more than Rs 8.91 lakh crore.
The 30-share key index zoomed 2,339.86 points or 10.17 percent last month. Nifty too climbed 10.75 percent or 751.35 points. It was the biggest monthly gain for stock markets in over four years.
In its biggest post-Budget day rally ever, the Sensex had soared 777 points on March 1, also its best single-day show in nearly seven years.
Led by the positive momentum in the equity market, investor wealth surged by Rs 8.91 lakh crore to Rs 94.75 lakh crore.
"The rally in the domestic market after the budget has been conceived by everyone as an affirmation to a good Union Budget 2016-17," said Paras Bothra, VP, Equity Research, Ashika Stock Broking.
Foreign investors have pumped in over Rs 21,000 crore (over USD 3 billion) in the Indian equity market in March, after pulling out massive funds in the preceding four months.
Going ahead, investors hope for better quarterly earnings report-card, stable global cues and foreign fund inflows.
"India is in a relatively stable position and is expected to continue to attract FII flows over the long term, as economic fundamentals remain stronger than other emerging market economies," Bothra added.