Mumbai: Investor wealth soared by over Rs 16 lakh crore to more than Rs 90.19 lakh crore in the first quarter of 2014-15 because of rising stock prices amid robust foreign fund inflows and the BJP government's storming to power at the Centre last month.
The BSE's 30-scrip index, Sensex, has gained 3,027.51 points or 13.52 per cent to 25,413.78 during the April-June quarter of the current fiscal. Investor wealth soared by Rs 16,04,394 crore on the back of stock market rally to reach Rs 90,19,394 crore today. It was Rs 74,15,000 crore as on March 31, 2014.
Market experts said the BJP's landslide victory in the elections coupled with expectations of strong economic reforms have propelled the stock market ahead of the next week's Union Budget 2014-15. Strong inflows by foreign investors are mainly due to the expectation of several reform measures from the new government and hopes of a stable economic policy regime, they said.
“Now, the countdown has begun for the Union Budget and market participants are eyeing pre-budget rally,” said Jayant Manglik, President-retail distribution, Religare Securities Ltd.