Investor wealth soars Rs 2.98 lakh crore as stocks rally

Investor wealth soared by Rs 2.98 lakh crore Friday as the BSE benchmark index zoomed over 700 points, largely in tandem with rebounding global markets.

The BSE Sensex Friday posted its biggest single-day gain in 19 months, soaring 732.43 points to close at 34,733.58.

Led by the surge in stocks, the market capitalisation of BSE-listed companies rose by Rs 2,98,411.33 crore to Rs 1,38,68,813.92 crore.

The BSE Sensex had slumped over 750 points to end at a six-month low Thursday.

"Market smartly reversed from yesterday's fall amid strengthening rupee and drop in oil prices. Recent drop in valuation kept stocks attractive while investors may seek more clarity from upcoming quarterly results," said Vinod Nair, Head of Research, Geojit Financial Services Ltd.

Rising for the third straight day, the rupee strengthened by 55 paise to settle at 73.57 against the US dollar Friday, marking its biggest gain in over three weeks.

As many as 29 stocks in the 30-share Sensex basket closed with gains, led by Maruti Suzuki, Mahindra & Mahindra and Kotak Mahindra Bank.

The BSE auto index took the pole position among sectoral indices, spurting 4.01 per cent.

At BSE, 2,074 stocks advanced, while 609 declined and 135 remained unchanged.

The BSE mid-cap index ended higher by 2.42 per cent and small-cap index climbed 2.60 per cent.

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