Stock markets on Friday witnessed a milestone week as the BSE Sensex jumped 35,500 marks, while the Nifty hit the 10,900 levels. Sensex, Nifty kept hitting fresh life-time peaks all through the week after announcement of a decrease in additional borrowing, that led market to new highs.
Continued Foreign Institutional Investors’ (FPI) inflows and fresh spell of buying by domestic institutional investors (DII) also kept the impetus going for the domestic Exchanges. As per provisional data by the exchange, FPIs put in Rs 625.13 crore in stocks on net basis Friday, while DIIs bought shares worth Rs 168.61 crore.
Additionally, buoyancy over encouraging Q3 earnings by some other companies and forthcoming Budget boosted sentiment.
Banking stocks made stellar performance after reports stated that the government was considering increasing the foreign investment limits for banks. Further, the GST Council meeting decided to slash rates on 54 services and 29 goods. The new rates will come into force from January 25.
Hindustan Unilever Limited beat market expectations while Yes Bank, HDFC Bank and HCL Technologies Limited emerged with results that were in line with estimates. However, Bharti Airtel and Hindustan Zinc Limited were below expectations.
For the week, the benchmark indices Sensex and Nifty both gained by 2 percent each.
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