Money rained in the stock market, investors became rich; 2.27 lakh crore rupees came in one stroke

Today was a very good day in terms of the stock market. The market saw heavy selling after a long time and barring a few indices, all closed in the green. Bank Nifty also saw tremendous growth today.

May 8, 2023 - 21:36
Money rained in the stock market, investors became rich; 2.27 lakh crore rupees came in one stroke

BSE Sensex gained over one per cent amid a steady inflow of foreign funds and strength in global markets. Due to heavy selling, investors also became very rich today. More than Rs 2.27 lakh crore was inflow in the stock markets on Monday.
The 30-share BSE Sensex jumped 709.96 points, or 1.16 per cent, to close at 61,764.25. During the day, it had gained 799.9 points, or 1.31 per cent, to 61,854.19.
Following the market rally, the market capitalization of BSE-listed firms rose by Rs 2,27,794.46 crore to Rs 2,76,06,443.06 crore. Foreign institutional investors (FIIs) were net buyers on Friday, buying shares worth Rs 777.68 crore, according to exchange data.
Prashant Tapase, Senior VP (Research), Mehta Equities Ltd, said that the markets recovered all the losses of Friday. Realty, auto and banking stocks were the star outperformers, triggering a sharp rally in the benchmark indices. The BSE benchmark had closed 694.96 points, or 1.13 per cent, down at 61,054.29 on Friday. The Nifty closed 186.80 points, or 1.02 per cent, down at 18,069.
Shrikant Chauhan, head of equity research (retail), Kotak Securities Ltd, said automobile and realty are pointing to a good recovery seeing strong monthly sales figures. IndusInd Bank rose 4.92 per cent among Sensex companies. Other gainers included Tata Motors, Bajaj Finance, Bajaj Finserv, NTPC, HCL Technologies, Mahindra & Mahindra, Axis Bank, Maruti and Kotak Mahindra Bank.
The rally in Reliance Industries and HDFC Bank further added to this rally. In the broader market, BSE Midcap advanced 0.94 per cent and Smallcap 0.56 per cent. Talking about the indices, shares of Auto 1.71 per cent, Realty 1.54 per cent, Bankex (1.50 per cent), Financial Services (1.46 per cent) and Services (0.93 per cent) rose.
Vinod Nair, head of research at Geojit Financial Services, said Indian equities took a breather after strong domestic earnings and job data from the US. The recent weakness in the US dollar is pulling more foreign funds into the domestic market, with FIIs remaining net buyers for seven days in a row.

Muskan Kumawat Journalist & Writer