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Investor wealth soars Rs 1.72 lakh crore as stocks zoom

File photo. Photograph:( ANI )

PTI New Delhi, Delhi, India Nov 02, 2018, 09.57 PM (IST)

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. 

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. The 30-share key index soared 579.68 points, or 1.68 per cent, to end at 35,011.65.

"After a flat start to November, stock markets 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 on Friday clocked its biggest single-day gain in over five years, surging by 100 paise to close at 72.45 against the US dollar. Brent crude, the international benchmark, dropped below the USD 73-mark to quote at a seven-month low of USD 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.

Story highlights

CJI in awe as Centre clears names of 4 judges for elevation to SC in 48 hours 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.