The equity market extended its gains for the third straight day on Tuesday when the market opened. The BSE Sensex rose 411.27 points to 74,059.89 in early trade while the NSE Nifty rose 111.15 points to 22,447.55.
The two-day bull rally on Dalal Street on Friday and Monday made investors richer by Rs 4.97 lakh crore. The main reasons attributed to the bull run is the recovery in the global markets as the Middle East tensions began to thaw, putting an end to panic selling in the previous week.
Vinod Nair, Head of Research at Geojit Financial Services, told PTI, "The Indian market extended last Friday's relief rally as the Middle East tension saw some respite, though the situation remains fluid. The recovery was broad-based across sectors, with renewed interest in mid- and small caps."
In just two days, the BSE Sensex soared 1,159.63 points or 1.59 per cent with the market valuation of companies listed on the stock exchange surging Rs 4,97,442.62 crore to reach Rs 3,97,86,490.93 crore.
The top gainers on the Sensex list was Larsen & Toubro, Bajaj Finance, Axis Bank, UltraTech Cement, Wipro, State Bank of India, ICICI Bank, Infosys, HCL Technologies and Asian Paints. Market heavyweights who saw their market valuation eroding were NTPC, HDFC Bank, JSW Steel, IndusInd Bank and Tata Steel.
Prashanth Tapse, Senior VP (Research) at Mehta Equities Ltd, told PTI, "The buoyancy in equity markets continued due to strong global cues as buying was seen across the board on the back of risk-on sentiment. Although geo-political tension in West Asia last week plundered global assets, absence of any fresh eruption of conflict between Israel and Iran also soothed the market sentiment, which triggered massive buying for the second straight session. The sharp fall in crude oil prices, currency and gold also resulted in a boost for equity assets."
