Investor wealth hit all-time high of Rs 213 lakh crore on BSE today after Sensex and Nifty rallied for the fourth consecutive session led by gains in pharma and metal stocks. Market cap of BSE-listed firms rose to Rs 213.28 lakh crore today against previous close of Rs 211.24 lakh crore.
The rally in market wealth came after Sensex closed 295.94 points higher at 49,502 and Nifty jumped 119 points to 14,942.
Investor wealth has surged by a huge 109.38% since last year's historic market crash in March.
On March 23, 2020, market cap of BSE-listed firms fell to Rs 101.86 lakh crore against market cap of Rs 213.28 lakh crore today.
The decline in market cap came after Sensex and Nifty logged their highest losses ever. While Sensex lost 3,934 points to 25,981, Nifty closed 1,135 points lower at 7,610.
Since March 23 last year, Sensex has gained 23,521 points or 90.53%. Similarly, Nifty has clocked a record rise of 96% or 7,332 points.
However, Sensex and Nifty have fallen 5.73% and 3.16% till date from their record highs hit on February 16 ,2021.
Sensex and Nifty scaled record highs of 52,516 and 15,431 on February 16 this year led by extension of gains after investors cheered Union Budget on February 1.
The weakness in the benchmark indices came after Indian markets were impacted by profit booking, weak global cues and rising coronavirus cases in the country.
Meanwhile, market breadth was positive with 2,968 stocks ending higher against 1,038 closing in the red today.
Number of securities hitting 52 week high stood at 358 and number of shares falling to their 52 week lows stood at 63.
Here's a look at what experts said about the market action.
Ruchit Jain, Senior Analyst - Technical and Derivatives, Angel Broking said, "Positive global markets provided an impetus for a head start for the week. The index was approaching the psychological mark of 15000 once again and although we did not surpass it today, the overall activity in the broader markets was much positive. A move above 15,000 could lead to some momentum towards 15,150 immediately. On the flipside, the support seems to be shifting higher which is now seen around 14,850-14,800.
The pharma and the PSU space continued to witness good buying interest while the Nifty midcap index too is positively placed. Traders are advised to continue to focus on such individual pockets which could provide good short term returns. "
Gaurav Ratnaparkhi, Head of Technical Research, Sharekhan by BNP Paribas said, "Nifty continued with its winning streak and posted a fourth consecutive positive close on May 10. On the way up, it has surpassed 78.6% retracement of the previous fall. The index is now staring at a crucial hurdle zone of 15,000-15,050.
A falling trendline, the daily upper Bollinger Band & a key swing high are all in this zone. Once this barrier gets taken out on a closing basis, it will add significant weight in favour of the bulls. Beyond that, the index will be set to march towards the all time high of 15,431. On the other hand, a gap area of 14892-14863 will act as an immediate support area."
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