Investor wealth zooms Rs 2.6-trn as markets witness heavy buying

Investors became richer by over Rs 2.60-lakh crore on Wednesday as equity witnessed sharp gains in extended trading sessions.

Tracking the rally in the broader market, the total market capitalisation of BSE listed companies jumped by Rs 2,60,576.03 crore to Rs 2,03,98,816.57 crore at the end of the trading session.

The total market capitalisation of BSE listed companies stood at Rs 2,01,38,240.54 crore on February 23.

Equity benchmark Sensex soared 1,030.28 points and the Nifty rallied over 270 points on Wednesday, after trading hours were extended following a technical glitch at NSE.

After resumption of trade at 3.45 pm, NSE Nifty zoomed 274.20 points or 1.86 per cent to end at 14,982.

Similarly, the 30-share BSE index settled 1,030.28 points or 2.07 per cent higher at 50,781.69.

“Nifty resumed trading following a technical glitch on NSE, which led to halt in trading across the equity and equity futures and option segments. On re-opening, equity witnessed sharp gains with Sensex rallying 1000 points (+2.1 per cent) while Nifty almost touched 15k once again,” said Hemang Jani, Head of Equity Strategy, Broking & Distribution, Motilal Oswal Financial Services.

“Embargo lifted on grant of government business to private banks led to interest in banks across. Nifty Bank has rallied 3.6 per cent with private banks like HDFC Bank, ICICI Bank, Axis Bank gaining the most,” Jani added.

The finance ministry on Wednesday allowed all private sector banks to participate in government-related business like collection of taxes, pension payments and small savings schemes.

“Embargo lifted on grant of govt business to private banks. All banks can now participate. Private banks can now be equal partners in development of the Indian economy, furthering Govt’s social sector initiatives, and enhancing customer convenience,” Finance Minister Nirmala Sitharaman said in a tweet.

BSE bankex, finance, telecom, capital goods and energy indices rallied up to 3.86 per cent, while power and utilities ended in the red.

Broader BSE midcap and smallcap indices surged up to 1.08 per cent.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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