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Rising for the seventh straight day, the Sensex on Monday surged 414 points to 27,730
Stock market investors became richer by over Rs 1.25 lakh crore (Rs 1.25 trillion) as the share market rose sharply, with the Bombay Stock Exchange Sensex surging 414 points on Monday.
Total investor wealth of BSE-listed companies went up by Rs 1,25,286 crore (Rs 1,252.86 billion) to Rs 1,01,29,698 crore (Rs 101,296.98 billion).
Rising for the seventh straight day, the Sensex on Monday surged 414 points to 27,730.21 as above average monsoon reignited hopes of further easing of interest rates by the Reserve Bank.
In last seven days, the index has gained 1,359.23 points, its longest winning run since February.
"A better-than-forecast monsoon has reignited the optimism among market participants that a rate-cut by the RBI may be a possibility, if the monsoon trend sustains," said Hitesh Agrawal, Head Research of Reliance Securities.
Monsoon is expected to be normal in June, India Meteorological Department had said last week.
"Optimism showed by Greece ministers that a deal is on the cards with their lenders, which will help avert a default, helped global investor sentiments, adding to the strength in domestic market," Agrawal added.
Among the 30-Sensex stocks, 25 ended the day with gains, led by AXIS Bank and ICICI Bank. Bharti Airtel was the top loser, falling 2.25 per cent.
From BSE sectoral indices, realty rose 5.05 per cent, followed by bankex 2.62 per cent and consumer durable 2.42 per cent.
At BSE, 1,748 stocks advanced, while 956 declined and 112 remained unchanged.
The total market valuation of listed companies at the BSE regained the Rs 100 lakh crore-mark on Friday.
Investor wealth of BSE-listed firms, as measured by market capitalisation, had on June 3 slipped below the crucial Rs 100-lakh crore (Rs 1-trillion) mark.
Image: The total market valuation of listed companies at the BSE regained the Rs 100 lakh crore-mark on Friday. Photograph: Reuters