Market-cap of BSE-listed companies swells by Rs 11 lakh cr in last 3 trading sessions
The Indian markets closed higher for the third straight session on Thursday, as the BSE Sensex gained 817 points or 1.5 per cent at 55,464, while Nifty50 surged by 250 points to end at 16,595.
The market capitalization of BSE-listed companies zoomed around Rs 11 lakh crore in the last three trading sessions supported by buying sentiment from domestic investors. This is despite prevailing uncertainty in the overall market due to geopolitical tensions between Russia and Ukraine.
The Indian markets closed higher for the third straight session on Thursday, as the BSE Sensex gained 817 points or 1.5 per cent at 55,464, while Nifty50 surged by 250 points to end at 16,595.
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The market capitalisation of BSE-listed companies jumped by Rs 10,83,103.27 in three days to reach Rs 2,51,93,934.31 on March 10, 2022, as compared to 2,41,10,831.04 on March 7, 2022, aided by the ongoing rally in the market.
The fast-moving consumer goods company Hindustan Unilever Limited shares were the top gainer in the 30-share Sensex. THe HUL shares were up over 5 per cent and were followed by Tata Steel, SBI, IndusInd Bank, Axis Bank.
The midcap and small cap indices each jumped by over 1 per cent in the broader markets.
Indian markets have made a strong recovery emerging from the aftershocks of the Russia-Ukraine Conflict market expert Santosh Meena, Head of Research at Swastika Investmart Ltd said.
“The outcome of state election results is also acting as a tailwind for the Indian equity market however it has the impact of only one day and the main focus of the market will remain on the Russia-Ukraine issue because there are still uncertainties,” the market analyst added.
Technically, Nifty witnessed a smart pullback from the 15700 level however 16800-17000 is a critical supply area that Nifty must take out for any trend reversal otherwise there is a risk of sell-off after this pullback, according to Meena.
On the downside, 16500-16400 is an immediate support zone while 16000/15500 is the next critical support level. If Nifty manages to take out the 17000 level, then the bulls will be back in the game where 17300/17500 are the next resistance levels, he further added.
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