Investors have gained over Rs 9 lakh crore in the last seven trading sessions as market accounted for results of US Presidential election, strong Q2 earnings show and hopes for a coronavirus vaccine. Market capitalisation on BSE rose to Rs 166.29 lakh crore today against market cap of Rs 157.18 lakh crore on October 30, increasing investor wealth by Rs 9.11 lakh crore during the period.
During the same period, Sensex rallied 3,663 points and Nifty gained 989 points. On October 30, Sensex closed at 39,614 and Nifty ended at 11,642.
Hopes of a victory by Joe Biden in the US poll and the subsequent result enthused traders and investors across the world who expect additional stimulus from the new government to help recovery in the world's largest economy.
The ensuing rally in global markets took Sensex and Nifty beyond record highs they witnessed on January 20.
Strong earnings by lenders such as ICICI Bank, SBI and Axis Bank also boosted banking stocks for the seventh straight session.
BSE bankex which stood at 27,388 on October 30 has risen 5,370 points since then. The index closed 1159 points higher at 32,758 today.
Meanwhile, Indian market ended higher for the seventh straight session today. Logging record closing highs for the second straight session, Sensex ended 680 points higher at 43,227 and Nifty rose 170 points to 12,631.
Reports of development of a COVID-19 vaccine that raised hopes of a global economic recovery took Sensex Nifty to record highs today. Pharma firm Pfizer said vaccine developed with partner BioNTech SE proved more than 90% effective in the first 94 subjects who were infected by the new coronavirus and developed at least one symptom.