Investor wealth soars over Rs 3 lakh cr as stocks rally

Investor wealth soared over Rs 3 lakh crore Monday driven by a rally in the broader market where the BSE benchmark index zoomed 718 points.

Sharp gain in stocks, send the market capitalisation of the BSE-listed companies higher by Rs 3,11,665.6 crore to Rs 1,36,43,642.98 crore.

Snapping its two-day losing streak, the 30-share BSE index ended 718.09 points, or 2.15 per cent, higher at 34,067.40.

"The equity markets remained buoyant throughout the trading session with impressive buying across sectors including PSU banks, power and tech. The market assumed an upward push with many of the factors of the past two weeks probably brushed aside for the time being," said Joseph Thomas, Head Research, Emkay Wealth Management.

From the 30-share pack, 23 stocks ended higher led by ICICI Bank, SBI, Adani Ports, Axis Bank and Larsen & Toubro.

On BSE, 1,815 stocks advanced, while 775 declined and 163 remained unchanged.

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In the broader market, the S&P BSE midcap index rose by 2.80 per cent and smallcap index gained 2.06 per cent.