Sensex crosses the 35,000 mark for the first time

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Sensex soars with Union Budget impending

Posted January 17, 2018, 6:21 pm at 18:21 

 The Bombay Stock Exchange (BSE) create a new record. Sensex crossed the 35,000 mark for the first time. After optimistic and positive environment in the IT and Banking sectors. The 300-point rise was fuelled by the third-quarter expectations of IT giants TCS and Infosys, which met the market expectations. The IT, Banking and Healthcare sector led the market in the trading.

Many foreign and national investors are quite confident about the upcoming Union Budget, set to be presented on February 1st, 2018. The banking stocks of SBI rose by 3.7 percent, with ICICI Bank progressing 2.73 percent and Axis Bank by 3.9 percent. The Banking sectors shares rose after the Central Government cut the additional market borrowing requirement by 60%, bringing to down to Rs. 20,000 crores. It was Rs. 50,000 crores previously.

Even the Nifty soared high, by crossing the 10,800 mark. The Deutsche Bank said in its latest research note that, it is predicting Nifty to cross the 11,500 mark by December 2018, and attain stability.

Meanwhile, global analysts predicted thatrise in global crude oil prices and inflation still remain a worry for Indian markets. They also expressed that, earning expectations should be met at any cost, to complement the high valuation of the markets.

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