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As Sensex gains 611 points, investor wealth surges by Rs 1.78 trn

13 March 2018
As Sensex gains 611 points, investor wealth surges by Rs 1.78 trn

The 30-share Sensex rose 601.80 points or 1.83% to close at 33,917.94.

"After 10 per cent correction from the all-time high levels surrounded by whole host of negatives, Indian markets had phenomenal day with frontline indices rallying almost two per cent offering much needed cheer and relief to the investors".

Industrial production data for January, retail inflation or inflation data based on CPI and inflation data based on Wholesale Price Index (WPI) for February will be released this week.

The NSE Nifty50 fell by 15.80 points or 0.15 per cent to close at 10,226.85 points, while the BSE Sensex closed at 33,307.14 points - down 44.43 points or 0.13 per cent. "However, mid and small cap witnessed reluctance due to high valuation".

Dealers said Indian markets joined a global rally extending an upbeat lead from Wall Street on Friday after the US February jobs report eased investors' worries about inflation.

Major gainers were ITC, Tata Steel, Sun Pharma, Infosys, Wipro, Adani Ports, Bharti Airtel, HDFC, RIL, IndusInd Bank, M&M and L&T, rising up to 2.74. On the BSE, 1,067 stocks gained, 297 stocks declined, while 59 stocks remained unchanged.

All the sectoral indices, led by IT, Teck, oil & gas, FMCG and realty sectors, were trading in the green with gains up to 1.24 per cent.

Risk appetite improved after US data showed nonfarm payrolls jumped by 313,000 jobs last month, but annual growth in average hourly earnings slowed to 2.6 percent after a spike in January.

Some global markets on Monday rose at least one per cent following similar gains in the United States on Friday, including a record close for the Nasdaq Composite at 1.79 per cent that followed a strong U.S.jobs report.