Stock Market Bonanza: Investors' Wealth Climbs Rs 3.43 Lakh Crore On Market Rally

New Delhi: Equity investors became richer by Rs 3.43 lakh crore on Friday amid an overall positive trend in the market and the benchmark Sensex jumping nearly 900 points. The BSE Sensex zoomed 899.62 points or 1.53 per cent to settle at 59,808.97 points. During the day, the benchmark rallied 1,057.69 points or 1.79 per cent to 59,967.04 points. The market capitalsation of BSE-listed firms rose Rs 3,43,173.59 crore to Rs 2,63,42,218.11 crore. "The market had more reasons to cheer today than to worry about concerns regarding inflation. PSU banks led the sectoral rally as reports of foreign investments in Adani stocks helped the sector in recouping the dampened sentiment.

"The sentiment was further lightened as FIIs turned in strong buyers," Vinod Nair, Head of Research at Geojit Financial Services, said. Foreign Portfolio Investors (FPIs) bought shares worth Rs 12,770.81 crore on Thursday, according to exchange data.

The embattled Adani Group has sold minority stakes in four of its listed companies to US-based GQG Partners for Rs 15,446 crore as the conglomerate, recovering from a sell-off triggered by a short-seller report, looks to shore up liquidity ahead of the USD 2 billion debt repayment due in the coming months.

Also, the Indian services sector expanded at the strongest rate in 12 years in February supported by favourable demand conditions and new business gains, a monthly survey said on Friday. From the Sensex pack, State Bank of India, Bharti Airtel, Reliance Industries, ITC, Tata Steel, IndusInd Bank, HDFC Bank, Tata Motors, ICICI Bank, HDFC and Titan were the major gainers.

Tech Mahindra, UltraTech Cement, Nestle and Asian Paints were the laggards. In the broader market, the BSE smallcap gauge climbed 0.68 per cent and midcap index jumped 0.58 per cent. All the sectoral indices ended in the green, with services rallying 3.17 per cent, bankex jumping 2.13 per cent, utilities (1.84 per cent), financial services (1.76 per cent), commodities (1.69 per cent) and power (1.60 per cent). In Asian markets, Seoul, Japan, China and Hong Kong ended in the green. Equity markets in Europe were trading in the positive territory. The US market had ended higher on Thursday.