Investors celebrate Diwali with Rs 19 trillion gain in wealth
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The festival of lights and wealth seems to have brought sparkles on Dalal Street with investors getting richer by a whopping Rs 19 lakh crore in past one year and market analysts expect Sensex to cross 30,000 level by the next Diwali.
Diwali, which also marks beginning of the new Hindu calendar year, Samvat, is considered auspicious for stock market and the benchmark index has gained nearly 5,000 points or over 31 per cent since the festival was celebrated last time and is just a little away from the psychological 21,000-mark.
"With the increased retail participation and the continuous foreign institutional investment (FII) activity, Sensex will see a minimum level of 26,000 by next Diwali and it may also cross 30,000 mark," CNI Research CMD Kishore P Ostwal said.
Since the last Diwali, the investor wealth, measured in terms of cumulative market valuation of all the listed stocks, has grown by about Rs 19,00,000 crore from Rs 58,00,000 crore a year ago.
At the end of Thursday's trade, the last day of Samvat 2066, the investors' wealth stood at Rs 76,87,640.99 crore, while the Sensex soared to 20,893.57 points with a gain of 428 points during the day.
The festival cheer got reflected in the trading today, as both the benchmark indices-- Sensex and Nifty -- hit record closing level of 20,893.57 and 6,281.80, respectively.
A one-hour muhurat or inaugural trading will be conducted tomorrow to mark the beginning of Samvat 2067.
The analysts expect the going to be good on bourses in the months to come, as economy is growing and foreign investors are flocking the Indian markets with expectations of robust gains.
"The economy is witnessing a smart growth. Dollar is also expected to weaken against the rupee in the coming year, which will also encourage more of the FII inflows. Dalal Street would see a smart performance and Sensex is likely to hit 30,000 mark by next Diwali," Geojit BNP Paribas Financial Services Research Head Alex Mathews said.