Moadi ka Jadoo..Rs 1720000000000 in 24 hrs gain for you

Image credit-Google

 

NEW DELHI: Investor wealth rose by Rs 1.72 lakh crore on Friday helped by a smart rally in the broader market where the BSE benchmark index surged almost 580 points. The rupee also clocked its biggest single-day gain in over five years.

Tracking gains in stocks, the market capitalisation of the BSE listed companies surged by Rs 1,72,870.06 crore to Rs 1,40,78,702.09 crore.

Market benchmark sensex soared almost 580 points to end at a one-month high of 35,011.65 Friday. The NSE Nifty leaped 172.55 points, or 1.66 per cent, to 10,553.

"After a flat start to November, stock markets on Friday traded with a strong positive momentum and registered sharp gains. Trading sentiment got a boost amid a fall in global crude prices and rising rupee. Positive global cues also triggered buying," said Abhijeet Dey, senior fund manager-Equities, BNP Paribas Mutual Fund.

The rupee surged by 100 paise to close at 72.45 against the US dollar on easing crude oil prices and possibility that the US might grant waivers to India from sanctions on Iranian oil imports.

A bullish trend in the equity market and fresh foreign fund inflows provided support to the domestic currency, which has witnessed a massive 150 paise rise in the last two trading sessions. The rupee had on Thursday gained 50 paise.

With crude oil prices constantly dipping, concerns over widening current account deficit have slightly eased, helping the rupee claw back some lost ground.

Brent crude, the international benchmark, dropped below the $73-mark to quote at a seven-month low of $72.65 by falling 3.48 per cent.

From the 30-share pack, 25 stocks ended with gains led by Maruti Suzuki India, Tata Motors, Vedanta and Induslnd Bank.

In the broader market, the S&P BSE midcap index gained 0.78 per cent and smallcap index 0.76 per cent. 

PTI