Rs 14 lakh crore wealth added as Sensex surges 2,577 pts, Nifty above 23,300 in 2 days

Domestic equity benchmarks BSE Sensex and NSE Nifty surged for the second straight session on Wednesday after signs of relief in the West Asia conflict and improved global market sentiment.

At close, the Sensex gained 1205 points, or 1.63 per cent, to settle at 75,273.45, taking its two-day jump to 2,577 points while the Nifty climbed 394.05 points, or 1.72 per cent, to close at 23,306.45. Both benchmark indices zoomed around 1.9% each in the previous sessions.

Investors’ wealth rose by Rs 14 lakh crore in two session, as the combined market capitalisation of BSE-listed companies soared to Rs 430 lakh crore, compared with Rs 414 lakh crore recorded on March 23.

Markets maintained their momentum from the previous day as global risk sentiment improved and hopes of peace emerged, said Vinod Nair, Head of Research, Geojit Investments Limited.

Top gainers & losers

Among Sensex players, UltraTech Cement emerged as the top gainer, rising 4.39% to Rs 11233.10. Bajaj Finance followed with a 3.82% gain, while Larsen & Toubro (L&T), Titan Company, InterGlobe Aviation (IndiGo) and Trent rose 3.80%, 3.50%, 3.46% and 3.33%, respectively. 

While Tech Mahindra, Power Grid and Tata Consultancy Services (TCS) were among losers on the 30-pack index, which declined up to 1.66%.

Five stocks, namely HDFC Bank, L&T, State Bank of India (SBI), Bharti Airtel, and Bajaj Finance, contributed largely to the Sensex’s jump.  

Among sectoral indices, all major sectors ended the session on a positive note. The BSE Consumer Durables jumped 3.72% to settle at 55,324.75, while the BSE PSU Bank index gained 2.71% to close at 4,826.89.

“Potential diplomatic progress between the US and Iran—despite mixed geopolitical commentary—led to easing crude oil prices below $100, which was welcomed by the market,” Nair said.

“Early signs of normalisation in maritime movement through the Strait of Hormuz are likely to further support investor confidence, although it may be early to comment. The domestic rally was broad-based, supported by value-driven buying across sectors. India’s valuation premium, which had remained elevated for some time, has corrected to more reasonable levels, offering investors greater comfort at current market levels," Nair added.

“Sustained upside will require confirmation through macro stability and consistent institutional participation; until then, a sell-on-rise bias is likely to continue shaping near-term trends,” said Hariprasad K, SEBI-registered research analyst and founder, Livelong Wealth.