Investors richer by Rs 1.92 lakh crore as markets post sharp rally

Investor sentiment turned positive after the Finance Ministry issued a statement to dampen concerns over a spat between the government and the RBI.

Investors richer by Rs 1.92 lakh crore as markets post sharp rally

New Delhi: In a rather surprising rally, markets posted sharp recovery on Wednesday, making investors richer by  Rs 1.92 lakh crore.

The S&P BSE Sensex reclaimed 34,400-mark amid healthy buying in Banking, pharma and IT stocks while the NSE Nifty regained 10,350.

Sentiments got a boost after the finance ministry released a statement saying that RBI's autonomy was essential but its functioning must be guided by public interest and needs of the economy.

The 30-share Sensex zoomed 550.92 points or 1.63 percent to close at 34,442.05. In intra-day, the index had fallen by 303.89 points to 33,587.24.

Investor sentiment turned positive after the Finance Ministry issued a statement to dampen concerns over a spat between the government and the RBI.

Led by the improved sentiment, the market capitalisation (m-cap) of BSE-listed companies surged Rs 1,92,961.33 crore to Rs 1,38,45,109.37 crore.

In the Sensex pack, major gainers were HDFC, IndusInd, Infosys, Axis Bank, Yes Bank, Sun pharma, SBI, ICICI Bank, Asian Paint, M&M, TCS and L&T, gaining up to 5.78 percent. Meanwhile, Coal India, Tata Steel, Maruti, Adani Ports, Kotak Bank, PowerGrid, Bharti Airtel and Hero MotoCorp were among the top losers, falling up to 3.53 percent.

The Sensex moved 875 points, touching an intra-day high of 34,463.38 and a low of 33,587.24.

With PTI Inputs