Investors' wealth surges ₹6.24 lakh crore as markets soar to record high levels

Equity investors became richer by ₹6.24 lakh crore on Friday amid buoyant investors' sentiment as the BSE Sensex breached the historic 84,000-mark for the first time and settled for the day 1,359.51 points higher.

The 30-share BSE benchmark jumped 1,359.51 points or 1.63 percent to settle at an all-time high of 84,544.31. During the day, it soared 1,509.66 points or 1.81 percent to hit the momentous intra-day peak of 84,694.46.

Following the rally in equities, the market capitalisation of BSE-listed firms surged by ₹6,24,468.11 crore to ₹4,71,71,745.83 crore ($ 5.65 trillion).

Last Thursday, the 30-share BSE benchmark hit the 83,000-level for the first time.

"Markets were on a roll on the back of across-the-board buying as the US interest rate cut has triggered a downward spiral in both Indian and US bond yields, making India's financial assets more attractive," Prashanth Tapse, Senior VP (Research), Mehta Equities Ltd, said.

Out of the 30 Sensex firms, Mahindra & Mahindra jumped over 5 percent. JSW Steel, ICICI Bank, Larsen & Toubro, Bharti Airtel, Nestle, Adani Ports, Hindustan Unilever, HDFC Bank, Tech Mahindra, Maruti, Kotak Mahindra Bank and Tata Steel were the other big gainers.

State Bank of India, IndusInd Bank, Tata Consultancy Services and Bajaj Finance were the laggards.

"Domestic equities rallied for the second consecutive day supported by positive global cues after initial jobless claims fell to a four-month low," Siddhartha Khemka, Head - Research, Wealth Management, Motilal Oswal Financial Services Ltd, said.

The BSE smallcap gauge jumped 1.37 percent and the midcap index climbed 1.16 percent.

The realty index soared 3.21 percent, capital goods (2.32 percent), auto (2.12 percent), industrials (2.08 percent), metal (1.82 percent), consumer discretionary (1.78 percent), financial services (1.55 percent), bankex (1.44 percent) and healthcare (1.10 percent).

A total of 2,442 stocks advanced while 1,502 declined and 115 remained unchanged on the BSE.

On the weekly front, the BSE benchmark jumped 1,653.37 points or 1.99 percent.