Sensex, Nifty Rally: Stock market investors haves earned big in the past two sessions, thanks to bumper rally which has taken Sensex once again above 75,000 mark and Nifty above 23,000.
According to BSE data, investors' wealth has surged by Rs 15.80 lakh crore in two days.
Notably, Sensex has climbed 2,577.06 points or 3.54 per cent in two days - Tuesday and Wednesday (March 24 and 25). On Wednesday, the 30-share BSE benchmark jumped 1,205 points or 1.63 per cent to settle at 75,273.45.
Similarly, the Nifty 50 index has zoomed 800 points, or 3.5 per cent. On Wednesday, Nifty 50 index added 394.05 points or 1.72 per cent to end at 23,306.45.
BSE Market Capitalisation
This sharp two-day rally has made investors wealthier by more than Rs 15 lakh crore. According to BSE data, the market BSE-listed companies climbed Rs 15,80,204.92 crore to Rs 4,31,01,834.74 crore (USD 4.59 trillion) in two days.
The markets have been rallying following a sharp decline in crude oil prices and hopes of de-escalation in the West Asia war. Brent crude, the global oil benchmark, tanked 6.16 per cent to USD 97.79 per barrel.
Siddhartha Khemka - Head of Research, Wealth Management, Motilal Oswal Financial Services, said that the rally in stock market is supported by improving global cues and emerging hopes of a potential de-escalation in the Middle East war.
Nifty Support And Resistance For Friday
Akshay Chinchalkar, Managing Partner and Head of Markets Strategy at The Wealth Company, said that Nifty has resistance between 23378 and 23618 so caution is advised. Nifty has support between 22970 and 23020.
"Nifty bulls need to hold the support range to move further. In case the recovery rally continues, Nifty will march towards 23,600. The rising trendline from the June 4, 2024 low is still intact in what is a critical line-in-the-sand for optimists," he said.
