The week that was, Nifty up for 4th consecutive week
The Indian equity markets ended the calendar year 2017 with smart gains as the benchmark indices posted yearly gains of ~28%, Nifty bank index rose ~40% while the midcap index outperformed surging ~50%. The BSE Sensex and NSE were the top gainers after Hang Seng index in Asia. The year 2017 will be the third successive year with domestic mutual fund flows into equities to ~US$18bn stronger than FPI inflows of US$7.5bn.
On a week on week basis, market extended its winning streak to fourth consecutive week. The Nifty hit fresh life time highs once again with the new peak now at 10552. Shares of RCom stole the limelight after reports stated that Reliance Jio agreed to buy the wireless infrastructure assets of Reliance Communications and its affiliates in an all-cash deal. According to reports, the deal size at roughly Rs 24,000 crore which would be used for debt reduction.
Meanwhile, the government decided to borrow Rs.50,000 crore till March 2018 through dated government securities. This effectively raises the gross market borrowing target of the government to Rs 6.3 lakh crore in FY18. The government also cut interest rates on small savings schemes by 0.2 percentage points for the January-March period.
For the week, Nifty and Sensex were up by 0.3% each.
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Via:: Stock – India Infoline