Investor wealth zoomed over Rs 10.48 lakh crore in two days as the Budget-driven market euphoria continued to galvanise bulls on Tuesday. The Sensex jumped 1197.11 points, or 2.46 per cent, to close at 49797.72 on Tuesday. During the day, it zoomed 1553.87 points to 50154.48.
Tracking the extremely positive investor sentiment, the market capitalisation of BSE-listed companies jumped Rs 10,48,253.99 crore to Rs 1,96,60,898.02 crore in two days of market rally.
On Tuesday, the m-cap of BSE-listed companies advanced by Rs 4,14,184.32 crore. Investors became richer by over Rs 6.34 lakh crore on Monday as markets gave a big shout-out to the Budget 2021-22.
Cheering the Budget proposals, the Sensex zoomed 2314.84 points, or 5 per cent, to close at 48600.61 on Monday.
This was the best Budget-day gain for the markets since 1997, analysts said.
“It has been a picture perfect rally in the last two sessions with the broader indices clocking record Budget day gains and extending them today as well. Although some profit-booking can be expected, we expect stock-specific action to continue,” said Rahul Sharma, head technical and derivatives Research, JM Financial Services.
On Tuesday, on the BSE 1,755 companies advanced, while 1,184 declined and 175 remained unchanged.
“Budget 2021 was a dream Budget which brought with itself a remarkable rise in Nifty-50, the highest in the past 10 years. Such buoyancy might be momentary but this budget truly caters to revive the Indian economy which plunged to the nadir amidst the pandemic.
“No new Covid tax/cess or no increase in wealth or other direct taxes also amused investors. Overall, the budget truly hit the mark since there wasn’t anything negative from a consumer or industrial perspective,” Umesh Mehta, head of research, Samco Securities, said.
According to Jaideep Hansraj, MD and CEO, Kotak Securities, it has been a great budget in the current pandemic. The market has given a clear thumbs-up.
“No tinkering on taxes, including personal tax and a giant leap of divesting two state-run banks and opening up of market by making way for the LIC IPO and foreign ownership in insurance companies has been a welcome move and the primary reason for the rise in the stock market,” he stated.
