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Investor wealth rises Rs 16.7 lakh crore in six sessions: Here's what lies ahead

Gaining for the sixth straight session, Sensex closed 617 points higher at 51,348 and Nifty climbed 191 points to end at 15,115.

Aseem Thapliyal | February 8, 2021 | Updated 18:33 IST
Investors wealth rises Rs 16.7 lakh crore in six sessions: Here's what lies ahead
Market participants were also enthused after RBI left interest rates unchanged in its monetary policy meet on Friday. Equity benchmark indices closed at record highs on Monday, in line with positive global equities

The Budget rally has made investors richer by Rs 16.7 lakh crore in the last six sessions. Market cap on BSE rose to Rs 202.82 lakh crore today against Rs 186.12 lakh crore on January 29 this year.

Investor wealth rose by Rs 2.49 lakh crore in today's session as Sensex and Nifty closed at record highs.

Market participants were also enthused after RBI left interest rates unchanged in its monetary policy meet on Friday.  Equity benchmark indices closed at record highs on Monday, in line with positive global equities

Gaining for the sixth straight session, Sensex closed 617 points higher at 51,348 and Nifty climbed 191 points to end at 15,115. Both indices hit fresh lifetime highs of 51,523 and 15,159 in early trade.

On January 29, Sensex ended 588.59 points lower at 46,285. Similarly, Nifty closed 182.95 points lower at 13,634.

In the last six sessions, Sensex has added a record 5,063 points and Nifty rose 1,481 points. The latest rally has pushed bank Nifty to a record high of 36,615. It surpassed the key mark of 35,000 last week.

Today, the banking index closed 329 points higher at 35,983.

Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking said, "The positive global sentiment aided to a gap up opening for the week and the Nifty continued to march higher to end the first day of the week above the 15100 mark. As far as levels are concerned, the 20 EMA on the hourly chart at 14,970 is the support and till this is intact, one should look for buying opportunities on dips. On the flipside, 15,200 followed by 15,300 are the important levels to watch out for."

In today's session, market breadth was positive with 1,689 stocks closing higher against 1,385 stocks ending lower on BSE. 193 stocks were unchanged.

Number of shares rising to their 52-week highs stood at 341 against 45 touching their 52-week lows. 310 stocks hit their upper circuits against 265 falling to their lower circuits, respectively.

Gaurav Ratnaparkhi, Senior Technical Analyst, Sharekhan by BNP Paribas said, "Going ahead, 15,250 is the key level to watch out for. The daily chart shows that the index has reached the upper Bollinger Band where the bands are in expansion mode. This indicates that the upper band is likely to make room for the index to stretch higher. Also, on the daily chart, Nifty has created another gap, which is at 15,014-15,041. This will act as an immediate support zone in case of any minor degree dip. "

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