Investors' Wealth Skyrockets with Nine-Day BSE Rally

Investors saw their wealth increase by Rs 10 lakh crore over nine days as the BSE Sensex surged over 2%. The market rally, fueled by domestic buying and hopes of a US Fed rate cut, led to significant gains and record highs, with all indices ending higher.

Investors' wealth skyrocketed by Rs 10 lakh crore in nine days, as the BSE Sensex surged over 2%.

The market rally, driven by renewed hopes of a US rate cut and strong domestic buying, saw the BSE benchmark index soar 1,941.09 points, or 2.41%, over the nine-day period.

On Friday, the 30-share BSE benchmark climbed 231.16 points to close at a record high of 82,365.77. During the day, it peaked at 82,637.03, an intra-day record.

The market capitalization of BSE-listed firms rose by Rs 10,00,028 crore, reaching Rs 4,64,39,993.77 crore (USD 5.54 trillion). The surge was propelled by broad-based buying, as expectations of a US Fed rate cut next month boosted investor confidence.

In the broader market, the BSE smallcap gauge jumped 0.75%, while the midcap index climbed 0.53%. All indices ended higher, with realty soaring 1.88% and healthcare jumping 1.41%.

Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, noted that the rally was supported by hopes of a rate cut by the US Fed.

Vinod Nair, Head of Research at Geojit Financial Services, added that global markets are resonating with the US Fed's pledge for a rate cut in September.

On Friday, 2,228 stocks advanced, 1,701 declined, and 116 remained unchanged on the BSE. Major gainers included Bajaj Finance and Mahindra & Mahindra, while Tata Motors and Reliance Industries lagged.

(With inputs from agencies.)