New Delhi, March 25 Following a rebound in the stock market, investors' wealth has surged by ₹15.80 lakh crore in two days, driven by a sharp decline in crude oil prices and hopes of de-escalation in the West Asia conflict.
Stock markets have been rallying for the past two trading days, with the BSE Sensex climbing 2,577.06 points or 3.54 percent. On Wednesday, the 30-share BSE benchmark jumped 1,205 points or 1.63 percent to close at 75,273.45.
Thanks to optimism among investors, the market capitalization of BSE-listed companies rose to ₹4,31,01,834.74 crore (USD 4.59 trillion) from ₹4,31,01,834.74 crore in two days.
"Indian equities extended their recovery for the second consecutive session, supported by improving global cues and emerging hopes of a potential de-escalation in the ongoing US–Iran conflict," said Siddhartha Khemka, Head of Research, Wealth Management, Motilal Oswal Financial Services Ltd.
Brent crude, the global oil benchmark, fell by 6.16 percent to USD 97.79 per barrel.
"Markets continued to build on the previous day's momentum as global risk sentiment improved, with hopes of peace emerging. Potential diplomatic progress between the US and Iran—despite mixed geopolitical commentary—led to easing crude oil prices below USD 100, which was welcomed by the market," said Vinod Nair, Head of Research, Geojit Investments Limited.
In Asian markets, South Korea's benchmark Kospi, Japan's Nikkei 225 index, Shanghai's SSE Composite index, and Hong Kong's Hang Seng index closed higher. Markets in Europe were trading in positive territory.
From the 30-Sensex firms, UltraTech Cement, Bajaj Finance, Larsen & Toubro, Titan, InterGlobe Aviation, and Trent were the biggest gainers on Wednesday.
Tech Mahindra, Power Grid, Tata Consultancy Services, and Bharat Electronics were the laggards.
The BSE SmallCap Select index jumped 3.05 percent, and the MidCap Select index climbed 2.50 percent.
All sectoral indices ended higher. BSE MidSmall Private Banks Quality Tilt surged 3.70 percent, followed by commodities (2.75 percent), PSU Bank (2.61 percent), realty (2.53 percent), metal (2.51 percent), industrials (2.49 percent), and services (2.42 percent).
"Markets extended their recovery for the second consecutive session on Wednesday, supported by easing geopolitical tensions and a decline in crude oil prices," said Ajit Mishra – SVP, Research, Religare Broking Ltd.
A total of 2,959 stocks advanced, while 1,357 declined and 156 remained unchanged on the BSE.