Stock markets on the week ended Friday, 19 January 2018, posted their 7th consecutive weekly longest winning flash since February 2012 led by strong report strong earnings of the companies. The Sensex gained 2.7 percent by 919 points during the week, clocking the biggest weekly jump in a year, helped by govt’s move to slash additional borrowing and expectations of higher FDI in the banking sectors.
The BSE Sensex jumped 0.7% with 251 points to 35,511.58, while the NSE Nifty added 0.72% with 77.70 points to 10,894.7 a new all-time peaks for both the indices. The Nifty gained 304 points, or 2.85%. The broader market, underperformed with the BSE-500 index gaining only 0.62 percent.
As per Bloomberg estimates, Nifty company profits for Oct – Dec are expected to rise an average of 17% from a year earlier, greater than the 13% growth in the previous quarter.
The government this week slashed levies ahead of the February 1 budget presentation.
Bank stocks extended gains from Thursday on report that India is considering allowing foreign investors to own larger stakes in them.
Banking stocks kept in focus amid reports that the govt is considering raising the foreign investment upper limit in private banks to 100% and in public sector lenders to 49%.