Investors wealth jumps over ₹7 lakh crore in early trade on Friday

Investors' wealth jumps over ₹7 lakh crore in early trade on Friday

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Investors’ wealth surged by more than ₹7 lakh crore in the first hour of trading on Friday, as the broader market clawed back some of its lost ground, a day after Russia’s attack on Ukraine roiled investor sentiments.

Starting off on a strong footing, the 30-share BSE Sensex soared over 1,240 points or around 2.29 per cent in early trade to touch 55,779.45 points.

The market capitalisation of BSE-listed companies jumped to ₹2,49,39,482.35 crore, recording a gain of ₹7,15,302.56 crore, compared to the level when the counters closed on Thursday.

The market capitalisation, an indicator of notional wealth of investors, was at ₹2,42,24,179.79 crore on Thursday.

Also read: Sensex, Nifty up by 2% tracking recovery in Asian markets

Spooked by the Ukraine crisis, foreign institutional investors further offloaded shares worth ₹6,448.24 crore in the Indian capital markets on Thursday, according to the exchange data.

On Thursday, the Sensex slumped over 2,700 points to register its biggest single-day plunge in about two years. The blood bath on Thursday eroded investors wealth by over ₹13 lakh crore.

Out of the 3,104 stocks traded, as many as 2,439 scrips advanced, while 570 declined in the morning trade, as per BSE data.

Asian shares were higher on Friday, driven by a rebound in US equities, as more sanctions were announced against Russia for its actions in Ukraine.

Also read: Brent breaches $100: why it’s bad for the economy and the household

Meanwhile, the US, EU and Japan are putting on a united front to support Ukraine and agreed on a second tranche of economic and financial sanctions on Russia.

Oil prices, which jumped after the Russian invasion on Ukraine, rose again on Friday on worries about supply disruptions. Brent crude futures were up two per cent at ₹101.20 a barrel.

(With inputs from Agencies)

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