Investor wealth soared by a whopping Rs four lakh crore within seconds of opening of trade on the Bombay Stock Exchange, as the markets were elated at the decisive win of the ruling UPA government in the general elections.
The total investors' wealth, measured in terms of combined market capitalisation of all the listed companies, has increased by over Rs 4,08,410.60 crore in the opening trade to Rs 42,15,354.29 crore.
The 30-share Bombay Stock Exchange Sensex zoomed 1,305.97 points at 13,479.39, hitting the upper circuit within seconds of opening of trade, following which trading was halted for two hours.
Ashika Stock Brokers Research Head Paras Bothra said "the buying spree is likely to continue after the market reopens and may touch another circuit limit."
He further said "very low volumes were traded as most investors could not engage in any buying activity as the markets hit its upper circuit within seconds."
Further, the 30 Sensex companies, which account for over 47 per cent of the total market capitalization of all the companies, saw their combined market valuation rise by nearly two lakh crore in the opening trade today.