Good Friday for market! Investors gain Rs 3.5 lakh crore as Sensex, Nifty manage a strong recovery

Investors' wealth surged by Rs 3.52 lakh crore after Sensex  and Nifty managed a sharp recovery today post six sessions of losses. Investors have lost Rs 11.32 lakh crore in last six sessions. Market capitalisation on BSE rose to Rs 152.28 lakh crore today against Rs 148.76 lakh crore market cap logged on September 24.

Investors regained over 33% of wealth today they lost six sessions prior to September 24 this year. In a six-day losing streak, investors lost Rs 11.32 lakh crore on BSE. Market cap fell to Rs 148.76 lakh crore against market cap of Rs 160.08 lakh crore on September 16.

The recovery in investor wealth was led by a 835 point rally in Sensex and a 244.70 point recovery in Nifty compared to yesterday's market crash. After five continuous sessions of losses, Sensex lost further ground and settled 1,114.82 points or 2.96 per cent down at 36,553.60.

Similarly, Nifty lost 326.30 points or 2.93 per cent to close at 10,805.55 yesterday

A surge in rupee also boosted market sentiment. Rupee spurted 29 paise against the US dollar to close at 73.61 against the dollar.

All 19 sectoral indices on BSE ended higher. The BSE Telecom index rose 5.73 per cent, led by Vodafone Idea, following reports that Vodafone has won the arbitration case against India over the latter's Rs 20,000 crore retrospective tax demand.

Information technology, banking and auto stocks led the gains with their BSE indices surging 692 points, 550 points and 569 points, respectively.

All Sensex stocks ended in the green, with Bajaj Finserv, HCL Tech, Bharti Airtel, IndusInd Bank, L&T, TCS, ICICI Bank, ONGC, Infosys and Bajaj Finance gaining up to 6.64 per cent.

Market snaps 6-day losing streak; Sensex, Nifty gain over 2% each

BSE midcap and smallcap indices jumped up to 2.90 per cent. Number of stocks hitting lower circuit on BSE fell to 216 compared to 316 which hit their upper circuits today.

Market breadth was positive with 1970 stocks rising against 682 falling on BSE.

"Stimulus measures, if any, in the US could provide support to the markets. If the market corrects from these levels, then investors should actively look for accumulating good quality stocks for long term wealth creation," said Sanjeev Zarbade, VP PCG Research, Kotak Securities.

Total 94 stocks hit their 52 week highs against 71 touching their 52 week lows.

On a weekly basis, Sensex lost 1,457.16 points or 3.83 per cent, while the Nifty tumbled 454.70 points or 4.04 per cent.

Gaurav Ratnaparkhi, Senior Technical Analyst at Sharekhan said, "Nifty had a sharp fall in the last week with a minor recovery toward the end of the week. The index found support near the crucial weekly moving averages as well as near the 200 DMA, which pushed the index higher on September 25. The overall structure, however, shows that the Nifty is likely to face selling pressure at higher levels. 11100-11130 is an immediate resistance zone where the pullback can subside. So, the index is likely to get into a sideways action over the next few sessions. The expected range for the Nifty will be 11100 - 10800."

In rest of Asia, bourses in Tokyo and Seoul settled with gains, while Shanghai and Hong Kong ended in the red.

Stock exchanges in Europe were also trading on a mixed note in early deals.

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