The recovery in the markets makes investors Rs 3.20 lakh crore richer

Investor fortunes rose by Rs 3.20 lakh crore as markets staged a smart comeback on Wednesday after falling in the last eight trading sessions.

The BSE Sensex rose 448.96 points, or 0.76 percent, to trade at 59,411.08. For the day, it rose 513.33 points, or 0.87 percent, to 59,475.45. In the past eight days, the BSE benchmark fell 2,357.39 points, or 3.84 percent.

The rebound in the stock market added Rs 3,20,574.19 crore, bringing the market capitalization of BSE-listed firms to Rs 260 lakh crore (Rs 2,60,93,075.59 crore) at close.

“Markets staged a relief rally after 8 sessions of losses as broad-based buying on short-covering and upside in European and select Asian indices supported sentiment. The rebound was expected as the market had seen unrelenting selling for the past week or so on weak global cues and slowdown concerns,” said Shrikant Chouhan, Head of Equity Research (Retail), Kotak Securities Ltd.

From the Sensex package, the biggest gainers were State Bank of India, Axis Bank, Tech Mahindra, HCL Technologies, Tata Consultancy Services, IndusInd Bank, Maruti Suzuki, Tata Steel and Tata Motors.

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Power Grid and HDFC Bank were latecomers from the pack.

In Asian markets, Japan, China and Hong Kong ended in positive territory. Stock exchanges in Europe traded in the green. US markets closed lower on Tuesday.

“The Indian market was oversold and needed encouraging domestic triggers to show signs of a revival. The reported manufacturing purchasing managers’ index came in better than forecast at 55.3, although India’s GDP statistics for the third quarter of FY23 came in slightly below expectations at 4.4%. Solid global markets, bolstered by strong Chinese manufacturing data, have also sparked optimism in the domestic market,” said Vinod Nair, research director at Geojit Financial Services.

In the broader stock market, the BSE smallcap indicator was up 1.38 percent and the midcap index was up 1.35 percent.

All sector indices closed higher, with metals up 2.61 percent, commodities up 2.30 percent, IT (1.36 percent), Teck (1.28 percent), industrials (1.25 percent), Bankex (1, 15 percent) and capital goods (1.11 percent).

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