Equities soar ahead of Budget, indices touch 2017 highs

Equities soar ahead of Budget, indices touch 2017 highs

Submitted by alvin on Sat, 2017-01-28 18:02 Mumbai: Indian equities skyrocketed by more than 3 per cent during the truncated trade week ended Friday, as resurgence of foreign funds, expectation of sops from the upcoming Union Budget and positive global cues enhanced the risk-taking appetite of investors.Besides, healthy quarterly results and short covering on the back of derivatives expiry saw the key Indian equity indices touch their highest intra-day levels in nearly three months.The barometer 30-scrip Sensitive Index (Sensex) of the BSE augmented by 847.96 points or 3.14 per cent to 27,882.46 points. Similarly, the wider 51-scrip Nifty of the National Stock Exchange (NSE) climbed by 291.9 points or 3.50 per cent to 8,641.25 points."Markets rallied sharply this week after the minor correction seen last week, with the Nifty witnessing hefty gains on all the four trading sessions of the week," Deepak Jasani, Head - Retail Research, HDFC Securities, told IANS."Market breadth was positive in three out of the four trading sessions of the week."According to D.K. Aggarwal, Chairman and Managing Director, SMC Investments and Advisors, domestic markets touched their highest levels in two-and-a-half months during the week's rally."The market has ended January futures and options (F