Markets rally makes investors richer by Rs 5.72 lakh cr

financialexpress.com:

Investors’ wealth jumped Rs 5.72 lakh crore on Thursday as markets soared nearly 1 per cent in tandem with a rally in global equities after the US Fed projected three rate cuts this year. The 30-share BSE Sensex jumped 539.50 points or 0.75 per cent to settle at 72,641.19. During the day, it zoomed 780.77 points or 1.08 per cent to 72,882.46. The market capitalisation of BSE-listed firms went up by Rs 5,72,752.79 crore to Rs 3,79,85,669.12 crore (USD 4.57 trillion).

“Markets witnessed a relief rally on the back of firm global cues after the US Fed’s comments indicated that interest rate cut could happen towards the later part of the current year…,” Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, said. From the Sensex basket, NTPC, Power Grid, Tata Steel, IndusInd Bank, Tata Motors, JSW Steel, Tech Mahindra and Larsen & Toubro were the biggest gainers. Bharti Airtel, ICICI Bank, Maruti and Asian Paints were the laggards.”Indian markets responded favourably to the positive global sentiment, spurred by the outcome of the FOMC (Federal Open Market Committee) meeting, which bolstered hopes for three rate cuts. All sectors in the domestic market were in positive territory,” Vikram Kasat, Head – Advisory at Prabhudas Lilladher, said.

In Asian markets, Seoul, Tokyo, and Hong Kong settled significantly higher while Shanghai ended lower.European markets were trading in positive territory.Wall Street ended with remarkable gains on Wednesday. The S&P 500 jumped to an all-time high. The Dow Jones Industrial Average and the Nasdaq Composite also hit record-high levels.”Domestic market is taking cues from the global market infusing optimism as the Federal Reserve signalled to remain on track for three interest rate cuts