Investors richer by Rs 2.9 lakh crore as bulls return to D-Street ahead of long weekend

Investors richer by Rs 2.9 lakh crore as bulls return to D-Street ahead of long weekend

NEW DELHI: Metals shone and financial stocks were under spotlight lifting benchmark higher on Thursday ahead of a long weekend. A huge infrastructure spending plan in the US, and superb GST numbers and capital infusion by the government back home boosted the morale of Dalal Street investors.

Strong buying interest was witnessed in bank, metal and tyre stocks in afternoon trade, as record GST collections in March perked up the market sentiment. The rollout of Covid-19 vaccines for those above 45 years of age also lifted the mood in the market, said analysts.

The 30-share pack Sensex advanced 520.68 points or 1.05 per cent to close at 50,029.83. Its broader peer NSE Nifty climbed 176.65 points or 1.20 per cent to settle at 14,867.35.

“The rally in the domestic market was led by positive cues from global peers, strong buying in metal stocks and recovery in the banking sector. Metal stocks outshone other sectoral indices on reports of a possible price hike. PSU banks were also in focus today as the government announced capital infusion of Rs 14,500 crore in four PSU banks,” said Vinod Nair, Head of Research at Geojit Financial Services.

Investors made Rs 2.94 lakh crore in the rally as the market capitalisation of BSE-listed companies shot up to Rs 207.15 lakh crore.

Market at a glance

  • Steel stocks surge as MS upgrades outlook; Nifty metal up 5%
  • NIIT rallies 14% ahead of proposed share buyback from April 12
  • PSU bank stocks rallied up to 6% after government infuses capital
  • Volatility gauge India VIX eases 3% as nervousness wanes
  • FMCG stocks come under selling pressure; HUL worst hit

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