Stocks' Rebound Pushes Investors' Wealth To Over Rs 2.51 Lakh Crores

INSUBCONTINENT EXCLUSIVE:
Stocks' rebound pushes investors' wealth to over Rs 2.51 lakh croresNew Delhi: Investors' wealth jumped by over Rs 2.51 lakh crore on
Tuesday, in line with a sharp recovery in equities after four days of steep declines.The BSE Sensex opened on a weak note and tumbled 581.93
points or 1.10 per cent to 52,260.82 during the day amid firming oil prices and relentless selling by foreign institutional investors.Amid
bouts of volatility, the benchmark touched a high of 53,484.26 and a low of 52,260.82 during the trade.It finally settled at 53,424.09,
higher by 581.34 points or 1.10 per cent.With the recovery in equities, the market capitalisation of BSE-listed companies jumped Rs
2,51,663.79 crore to reach Rs 2,43,62,494.83 crore."Markets remained volatile but managed to end with gains, taking a breather after the
recent fall
The bias was negative in the first half, continuing the prevailing trend
However, healthy buying in select heavyweights triggered a sharp recovery in the latter half," said Ajit Mishra, VP - Research, Religare
Broking Ltd.Sun Pharma is the biggest gainer among Sensex firms with a jump of 3.99 per cent, followed by TCS, NTPC, Wipro, Tech Mahindra,
Dr Reddy's, UltraTech Cement and Infosys.In contrast, Tata Steel, Titan, PowerGrid, Nestle India and Reliance Industries were among the
laggards.In the broader market, the BSE midcap index gained 1.46 per cent and the smallcap index jumped 1.33 per cent."Nifty opened lower in
line with global peers
Increased selling pressure pushed Nifty to 15,671 -- below its previous day's low
However, there was some respite in the second half of the day on the back of short-covering in the domestic market as well as recovery seen
in global markets," according to Siddhartha Khemka, Head - Retail Research, Motilal Oswal Financial Services Ltd.Meanwhile, international
oil benchmark Brent crude jumped 3.37 per cent to $127.4 a barrel.Foreign institutional investors continued their selling spree in Indian
markets as they offloaded shares worth Rs 7,482.08 crore on a net basis on Monday, according to exchange data.