In what is seen as the initial signs of the markets coming out of the blues, the benchmark Sensex zoomed by over 928 points on Tuesday giving the much-needed relief to investors by making them richer by over Rs 3 lakh crore in a just a day.
As the Sensex soared to the 16k level, the investor wealth also regained the Rs 50 trillion level which it had lost when the markets plummeted following US sub-prime crisis.
The 30-share Sensex on the Bombay Stock Exchange on Tuesday rose by 928.09 points, or 6.07 per cent, to settle the day at 16,217.49 over its yesterday's close. This is the second biggest gain for the barometer this year.
"Today's jump is the most significant one and this technical bounce of over 900 points was long over due," SMC Global vice President Rajesh Jain said.
The BSE barometer had steeply fallen to 14k level in the immediate past from its high level of 20k level posted in January. On March 17, the markets ended at 14,809.49 points, with the investor wealth falling below the Rs 50 trillion mark for the first time.
However, with today's surge, the combined market capitalisation of all the listed companies on the Bombay Stock Exchange soared to Rs 51,33,167 crore, a jump of over Rs 2.85 lakh crore from yesterday's market cap figures.
The lion's share of this bounty has been cornered by the investors in the country's 30 blue-chips stocks which comprise the Sensex. In fact, all index-related stocks ended in green on Tuesday.
The market valuation of the Sensex companies soared to over Rs 23,06,389 crore from Rs 21,71,437 crore on Monday, adding over Rs 1.35 lakh crore.
Corporate behemoth Reliance Industries, which has the highest weightage in the Sensex companies, closed higher by 5 per cent with a market cap of Rs 3.36 lakh crore. Other heavyweight in the index, ICICI Bank gained 9.3 per cent and had a valuation of Rs 97,798 crore.
State-run firm ONGC ended 7 per cent with a market cap of Rs 2.29 lakh crore, country's largest lender closed with a gain of nearly 6 per cent and a valuation of Rs 1.09 lakh crore.