Markets recorded their tenth straight session of gains on Tuesday.
During this period, the BSE Sensex jumped 2,883.82 points or 6.33 per cent and closed at 48,437.78 on Tuesday.
The market capitalisation of BSE-listed firms have jumped a whopping Rs 14,08,195.89 crore to a record Rs 1,92,87,518.94 crore (USD 2.6 trillion) in 10 trading sessions.
Approval of two COVID-19 vaccines brought cheers to the domestic market.
Despite opening on a negative note on Tuesday, the 30-share BSE index pared all losses and staged a smart recovery to close 260.98 points or 0.54 per cent higher at 48,437.78. It touched a lifetime high of 48,486.24 during the day.
Reliance Industries Limited is the country’s most valuable firm with a market valuation of Rs 12,46,334.05 crore, followed by Tata Consultancy Services (Rs 11,60,349.92 crore).
“Domestic equities saw a brisk recovery from today’s low mainly led by sharp rebound in banking and IT stocks. Continued improvement in COVID recovery rates along with likely commencement of vaccination drive shortly and sustained improvement in key economic data defied weak global markets,” according to Binod Modi, Head Strategy at Reliance Securities.
In a memorable year 2020, the Sensex gained 15.7 per cent where the benchmark index witnessed both ruthless selling and massive buying.
Equity investors grew richer by Rs 32.49 lakh crore in 2020 helped by massive returns in the equity market which had a roller coaster ride during the year hit by the coronavirus pandemic.