Investors get richer by Rs 2 lakh crore to record Rs 176 lakh crore as D-Street party continues

Mumbai: Investor wealth surged by more than Rs 2 lakh crore on Tuesday, taking the total market capitalization of BSE-listed firms to an all-time high of Rs 176.23 lakh crore, amid strong inflows from foreign institutional investors. Better-than-expected GDP data aided the rally, even as global markets remained muted.

The 30-share Sensex advanced 505.72 points or 1.15 per cent to a record closing high of 44,655.44, while 50-share Nifty climbed 140.10 points or 1.08 per cent to record close of 13.109.05. The rally was broad-based with the BSE mid and small-cap indices also scaling their respective 52-week highs.

Foreign institutional investors (FIIs), who had already pumped in $8.3 billion or Rs 61,764 crore in Indian shares in November, its highest such net monthly investment ever, continued to be net buyers on the first day of December as well, and infused a net of Rs 3,242 crore in the equity market.

Analysts were of the view that the momentum in the market was here to stay.

“Positive global cues and strong buying interest from FIIs helped the markets maintain its upward momentum. The dollar index is weakening and it is now at the lowest point of the last two years, which is positive for emerging markets and especially for Indian markets where the governance standard has improved substantially in the last two years,” said Shrikant Chouhan, Executive Vice President, Equity Technical Research at Kotak Securities.

“It has attracted the highest inflows for Indian equities out of total inflows for emerging markets,” he pointed.

Chouhan said the Nifty has formed a bullish continuation formation and based on the daily chart, it is heading for 13,200-13,300 levels in the near term.

“We need to be more and more selective in terms of trading in stocks. On the flip side, 12,790 would be crucial support for the market,” he added.

According to Nagaraj Shetti, technical research analyst, HDFC Securities, the short-term trend of Nifty continues to be positive.

“Further upside above 13,145 is expected to negate a couple of bearish patterns, as per daily and weekly time frame chart and that is expected to open the next upside levels of 13,500 in the near term,” said Shetti.

“Immediate support is placed at 12,960,” he added.

As many as 237 stocks hit their respective 52-week highs in the day. These included Surfactants, ACC, Adani Enterprises, Adani Gas, Adani Ports, Affle (India), Apollo Hospitals, Apollo Tyres, Cadila HealthCare, Divi’s Laboratories, EID Parry, Granules India, Hindalco, and Info Edge (India) among others.

A total of 431 stocks rose by their daily limit on the BSE. These included DHFL, YES Bank, Edelweiss Financial Services, Indiabulls Integrated Services, Shemaroo Entertainment, 3i Infotech and Route Mobile, among others.