Nair added that the market does not expect any change in RBI’s policy stance given persistent high food inflation, and an expectation of an increase in government spending, which has led to a notable traction in FMCG stocks.
The overall market capitalisation of the firms listed on BSE surged to nearly Rs 408 lakh crore from nearly Rs 395 lakh crore in the previous session, making investors wealthier by about Rs 13 lakh crore. In the broader market, the BSE Midcap index jumped 4.41%, while the Smallcap index rose 2.93%.
In the Nifty-50 pack, 48 stocks ended with gains on Wednesday.
Adani Ports (up 7.29%), IndusInd Bank (up 7.06%) and Hindalco (up 6.46%) were the top gainers. Only two stocks – Larsen & Toubro and BPCL – ended in the red in the 50-share index. All sectoral indices ended with strong gains on the NSE.
Arvinder Singh Nanda, Senior Vice President of Master Capital Services, attributed the surge in prices to positive market sentiment surrounding the anticipated formation of the government.
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