With reports that the new COVID variant Omicron is unlikely to be more severe than the Delta variant, an overall positive sentiment persisted in the global markets
Investors saw their wealth rise by more than Rs 3.96 lakh crore on Wednesday as stocks continued their rally for the second straight session amid the Reserve Bank reiterating its accommodative stance and easing concerns over the Omicron variant of the coronavirus.
The 30-share Sensex soared 1,016.03 points or 1.76 per cent to close at 58,649.68 and all the constituent stocks, except for two, closed in the green.
Most of the rate-sensitive auto, banking and realty stocks registered gains during the day’s trade. While the BSE Auto index rose 2.24 per cent, BSE Bankex went up 1.61 per cent and BSE Realty spurted 1.72 per cent.
BSE-listed companies’ market capitalisation, an indicator of the notional wealth of investors, surged for the second straight day to Rs 2,64,15,418.11 crore on Wednesday. At the end of the day’s trade, investors were wealthier by little over Rs 3.96 lakh crore compared to Tuesday’s closing level of Rs 2,60,18,494.21 crore.
In the morning trade itself, investor wealth had soared by more than Rs 3 lakh crore.
As per the BSE data, a total of 3,411 stocks were traded and out of them, 2,313 scrips recorded gains.
As many as 224 stocks closed at their 52-week high levels and 396 touched their upper circuit, according to the data.
On Wednesday, rupee slipped 6 paise to 75.50 against the US dollar.
The Reserve Bank of India (RBI) left key interest rates unchanged for the ninth consecutive time after the meeting of the Monetary Policy Committee (MPC) and also decided to continue with its accommodative policy stance for as long as necessary.
The central bank retained the growth projection at 9.5 per cent for the current fiscal despite concerns over Omicron.
The recovery that had been interrupted by the second wave of the pandemic is regaining traction but it is not yet strong enough to be self-sustaining and durable, RBI Governor Shaktikanta Das said.
”This underscores the vital importance of continued policy support,” he added.