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Published: Tue, March 13, 2018
Economy | By Melissa Porter

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

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

The Dow Jones Industrial Average rose 440.53 points, or 1.77 per cent, to end at 25,335.74, the S&P 500 gained 1.74 per cent and the Nasdaq Composite added 132.86 points, or 1.79 per cent, to 7,560.81. It also tempered fears on inflation and faster rate hikes by the US Federal Reserve.

Indian benchmark equity indices clocked significant gains on Monday as an overall rally in the global markets on the back of strong data from the US lifted sentiments. At 9:20 am, the Sensex was trading at 33,548, up 241.33 points, while the broader Nifty50 was ruling at 10,303, up 76.40 points.

Asian markets too were trading in the green on strong cues from Wall Street after a better-than-expected USA jobs report on Friday. Vinod Nair, head of research, Geojit Financial Services Ltd, said, "Inflation is expected to come down to 4.74% in February which will ease bond yield in the near term".

The benchmark indices have lost ground in seven of the last nine trading sessions.

Short-covering during the later part of the day also helped stocks as investors were seen buying metal, oil & gas, FMCG, banking, power, infrastructure, IT, auto and capital goods stocks.

Brokers said fresh buying by investors and foreign funds amid a firm trend in other Asian bourses improved market sentiment. However, short covering in the latter half triggered fresh momentum in the latter half and nearly all the sectoral indices participated in the move. "Participants will react to macro-economic data - IIP and CPI inflation - in early trade on Tuesday".

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. While Rs 13,781 crore was invested in January 2018, Rs 11,037 crore was pulled out in February.

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