Polls will be the largest ever in human history with over 960 million people eligible to vote
The benchmark indices extended their bull run for the seventh consecutive week with banking and IT stocks giving a major thrust to the upward trajectory, said market observers.
The barometer 30-scrip Sensitive Index (Sensex), which crossed the psychologically important 35,000-mark during the week, augmented by a substantial 919.19 points or 2.66 per cent to close at a fresh level of 35,511.58 points.
The wider Nifty50 of the National Stock Exchange (NSE) crossed the 10,900-points-level for the first time last week.
However, the Nifty50 failed to sustain that level at the closing on Friday. The index closed trade at a fresh high of 10,894.70 points - up 213.45 points, or two per cent, from its previous week's close.
The indices also touched their new 52-week highs. On Friday, the Sensex scaled a fresh intra-day high of 35,542.17 points and the Nifty50 of 10,906.85 points.
"The recent rally was undoubtedly dominated by the technology and banking space. The banking stocks got lured on Thursday after the news that the government is mulling allowing 100 per cent FDI in the sector," D.K. Aggarwal, chairman and managing director of SMC Investments and Advisors, said. On the global front, stock markets across the globe rallied on the back of optimism in the US economy and expectations for a strong earnings season, Aggarwal said.
"Investors' interest resumed in the market again after the Goods and Services Tax Council announced cut in the tax rate on 29 goods and 54 categories of services," Arpit Jain, AVP at Arihant Capital Markets, said. "Encouraging Q3 FY18 results by blue-chip firms like HDFC Bank and ITC added to the cheer," he said.
On the investment side, provisional figures from the stock exchanges showed that foreign institutional investors purchased scrips worth ?42.34 billion, while domestic institutional investors divested stocks worth ?6.98 billion.
Figures from the National Securities Depository revealed that foreign portfolio investors bought equities worth ?35.96 bilion, or $563.3 million, during January 15 to 19.
"The announcement of the Ministry of Finance that the government will reduce the additional borrowing of dated securities for FY18 to ?200 billion from ?500 billion that was earlier announced helped alleviate some of the uncertainty," Shibani Kurian, senior vice-president and head of equity research, Kotak Mutual Fund, said. - IANS
Polls will be the largest ever in human history with over 960 million people eligible to vote
UAE business activity and business confidence remained strong
Trend Micro showcases its unified cyber security platform at Gisec
CIP leader showcases live demo of nuclear power plant at Gisec
Achievement signifies back-to-back successes for Aeon & Trisl in the industry
A ministerial committee has been set up to assess damages and distribute compensation
The actor complained about a widely-circulated deepfake video that showed him promoting political views
Fans flooded the comments section with expressions of excitement and nostalgia