Investors richer by over Rs 1 lakh crore in strong market

Tracking an extremely strong sentiment in the stock market, investors became richer by over Rs 1 lakh crore on Monday.

The Sensex surged to a new intra-day historic high of 25,644.77 before ending the day at 25,580.21 - a new closing peak - up by 183.75 points or 0.72 per cent.

Among the 30-Sensex constituents, 24 ended the day in green led by Coal India that rose by 5.60 per cent. From the 12 BSE sectoral indices, 11 settled the day with gains, with the realty index surging 6.01 per cent.

In the market, 2,348 stocks advanced, while 748 declined and 72 remained unchanged.

Boosted by the robust sentiment in the market, investor wealth surged Rs 1,04,643 crore to Rs 90,36,541 crore.

"Extending their previous session jubilation, the benchmarks remained upbeat. After initial gains, it further rose after President Pranab Mukherjee unveiled new government's economic reforms agenda, which included introducing a general sales tax, encouraging foreign investment and speeding approvals for major business projects," said Jayant Manglik, President-retail distribution, Religare Securities Limited.

Addressing a Joint Sitting of Parliament, President Pranab Mukherjee said curtailing food inflation will be Prime Minister Narendra Modi's top priority as his government pursues broad economic reforms focused on job creation, reviving growth, encouraging FDI and introducing a non-adversarial tax regime.