Investor wealth surges over Rs 1 lakh cr as stocks soar

Investors on Friday became richer by over Rs 1 lakh crore, with benchmark Sensex witnessing 460-point rally amid easing concerns over the US tapering.

With the BSE index surging 467.38 points, or 2.29 per cent, to 20,882.89, the highest level in almost three years, investor wealth soared by Rs 1.07 lakh crore to Rs 67,23,852.78 crore.

The broader National Stock Exchange index Nifty shot-up by 143.50 points, or 2.37 per cent, to close at 6,189.35.

"Continuous news of corporate earnings topping estimates, coupled with encouraging news from the US that the crisis over the government shutdown and debit limit appears to have ended, caused the Sensex to rise and hit a new 3 year high with banking stocks leading the way," said Raghu Kumar, Cofounder RKSV.

All 13 sectoral indices on the BSE rose, led by bank and metal shares.

As many as 75 stocks hit their fresh 52-week high on BSE. Among the 30-Sensex constituents, 29 ended the day with gains, with Sesa Sterlite emerging as the top gainer rising 6.05 per cent.

Bajaj Auto was the only loser among the blue-chips on the Sensex.

Asian stocks were in demand after China's GDP growth climbed to 7.8 per cent in the third quarter, registering an overall growth of 7.7 per cent for the past nine months, which in turn bolstered the trading sentiment in the domestic market.

Overseas investors bought a net Rs 1,109.93 crore of shares on Thursday.