Investors richer by over Rs 5.35 lakh crore in two days of market rally

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Equity investors became richer by over Rs 5.35 lakh crore in two days of market rally despite largely negative global cues amid concerns over the Omicron strain of the coronavirus.

The 30-share BSE benchmark Sensex jumped 776.50 points or 1.35 per cent to close at 58,461.29 on Thursday.

In the previous trade, the index had rallied 619.92 points or 1.09 per cent to close at 57,684.79.

With the rally in equities, the market capitalisation of BSE-listed companies jumped by Rs 5,35,562.58 crore in two days to stand at Rs 2,62,52,791.03 crore.

"Irrespective of the weak sentiments in the international markets, domestic indices continued to rise due to gains in IT, financials and metal stocks amid strong domestic macroeconomic data,” said Vinod Nair, Head of Research at Geojit Financial Services.

HDFC was the biggest gainer among the Sensex constituents on Thursday, jumping 3.92 per cent, followed by PowerGrid, Sun Pharma and Tata Steel.

ICICI Bank, Axis Bank and UltraTech Cement were the three laggards from the 30-share pack.

In the broader market, the BSE midcap and smallcap indices jumped up to 1.12 per cent.

"Equity markets opened flat but gained momentum throughout the session, despite weak global cues on account of Omicron concern," said Siddhartha Khemka, Head – Retail Research, Motilal Oswal Financial Services.