Biggest market jump in a month adds Rs 3.4 trillion to investor wealth

1.4% jump comes on the back of easing recession fears, China policy support

Benchmark indices posted their biggest single-day gain in nearly a month as investors scaled back their bets around aggressive tightening by the Federal Reserve (Fed). China’s policy support for its ailing real estate sector further boosted sentiment.

Mirroring gains in the global markets, the Sensex rose 760 points, or 1.4 per cent, to close at 54,521. The Nifty finished at 16,278, with a gain of 229 points, or 1.43 per cent—most since June 21. IT and banking stocks led the advance. The market capitalisation of BSE-listed stocks increased by Rs 3.4 trillion and stood at Rs 255 trillion.

A better-than-expected