Investors richer by over Rs 3.10 lakh crore

Investors' wealth grew by Rs 3,10,851.75 crore on Monday as markets made a comeback after falling for four days.

The 30-share BSE benchmark jumped 533.74 points or 0.91 per cent to 59,299.32.

During the day, it zoomed 783.24 points to 59,548.82.

In fours days (Tuesday-Friday) last week, the benchmark tumbled 1,312.3 points.

Following the rally, the market capitalisation of BSE-listed companies gained Rs 3,10,851.75 crore to reach Rs 2,62,71,347.10 crore on Monday.

"Indian equities rebounded after witnessing selling pressure for last four days ahead of RBI MPC meet and earnings season that is due to start this week.

"The indices ended the session with handsome gains supported by broader markets and rose around 1 per cent," said Siddhartha Khemka, head - Retail Research, Motilal Oswal Financial Services Ltd.

NTPC was the biggest gainer among the BSE 30-frontline companies pack, jumping 4.08 per cent, followed by Bajaj Finserv, SBI, Bajaj Finance, Tech Mahindra and Tata Steel. Bajaj Auto and HUL were among the laggards.

In the broader market, the BSE midcap and smallcap indices jumped up to 1.71 per cent.

"After a week-long consolidation, the Indian market is back in action despite unfavorable global sentiments.

"The momentum is driven by the expectation of better Q2 earnings backed by recovery in economic activity, second wave fallout not being severe and in anticipation of a better outlook from festival demand," Vinod Nair, Head of Research at Geojit Financial Services said.

Photograph: Amit Dave/Reuters