up for 4th day | Investors’ wealth surges `17.43 lakh crore

FPJ News Service New Delhi

Investors’ wealth soared by Rs 17.43 lakh crore, and the BSE-30 Sensex climbed over three per cent in four days. Rallying for the fourth straight session, Sensex and Nifty surged by over one per cent on Thursday, powered by across-the-board buying amid a mixed trend in global equities.

Sensex jumped 899 points on Thursday to settle at 76,348.06, regaining the 76,000 level. The NSE Nifty surged 283.05 points to reclaim the 23,000-mark to finish at 23,190.65. Hectic buying in heavyweights Reliance Industries, Bharti Airtel and IT stocks bolstered investor sentiment.

According to Dr V K Vijayakumar, Chief Investment Strategist, at Geojit Financial Services, the Fed holding the rates and projecting lower growth at 1.7% and higher inflation at 2.8% for 2025 were on expected lines. The Fed chief’s comment that policy can move either way depending on the evolving outlook is more important. The evolving outlook is highly uncertain thanks to Trump’s tariff tantrums. Broadly, the market will be on a ‘wait and watch’ mode till April 2nd when reciprocal tariffs will be declared.

According to Vinod Nair, Head of Research at Geojit Financial Services, consistent falls of the US dollar index have reduced the intensity of FII selling while DII buying continues to be strong, thus triggering the recent upside. Supportive domestic data indicates a rise in economic activity and the view that more rate cuts are envisaged during the year are adding to the attractiveness of equity. The sustenance of the ongoing rally is expected to stay for the broad market in the short term and then drive based on the outlook on Q4FY25 results, to be released in April.

“Uncertainty around the US economic outlook has been increased, and FIIs may go for a balanced approach on Chinese and Indian markets. The Fed committee is attentive to the risks to both sides of its dual mandate. The committee on Wednesday maintained the target range for the federal funds rate at 4.25-4.50 per cent. In considering the extent and timing of additional adjustments to the target range for the federal funds rate, the committee will carefully assess incoming data, the evolving outlook, and the balance of risks,” analysts said.

In Asian markets, Seoul settled in the positive territory while Shanghai and Hong Kong ended lower. Japan's Nikkei was closed for a holiday. European equity markets were trading lower. Global oil benchmark Brent crude rose 0.32 per cent to $71.01 a barrel.