Mumbai: A sharp recovery in the stock market made investors richer by over Rs 2.52 lakh crore today, when the benchmark Sensex advanced by 568 points its biggest single-day gain in more than a year amid sharp recovery in Asian markets and the recently beaten down banking counters.
The Sensex surged 568 points, or 2.47 per cent, to end at 23,554.12. Intra-day, it gained 636.52 points to 23,622.64.
Following the bounce back in stocks, market sentiment improved and consequently the market capitalisation (m-cap) of BSE-listed firms went up by Rs 2.52 lakh crore to Rs 88,62,680 crore.
"The rally was largely driven by global cues and the upcoming Budget. We believe this rally is a pullback as the market was in an oversold territory so it's a pullback that we are seeing today.
"The rebound follows a rally in other Asian stocks as the recent fears over global economic slowdown eased and as US crude prices rallied from more than 12-year lows," said Vijay Singhania, Founder-Director, Trade Smart Online.
The index had risen by 728.73 points on January 15, 2015 after the Reserve Bank affected a surprise 25-basis point rate cut, the first of the four policy cuts last year.
Among the 30-Sensex components, 27 ended in green, led by Tata Steel, Larsen & Toubro, State Bank of India, Adani Ports, Axis Bank and Coal India Ltd.
Bharti Airtel, Hindustan Unilever and Housing Development Finance Corporation, however, saw losses.
Among BSE sectoral indices, metal rose 8.79 per cent, followed by capital goods (6.73 per cent) and realty (6.17 per cent).
At BSE, 2,001 stocks advanced, while 660 declined.
115 stocks remained unchanged.
In a bloodbath, both the indexes had posted their worst weekly performance since July 2009 with the Sensex falling 1,631 points and Nifty down 508.15 points.