Indian Stock Markets rallied higher this week despite some weak spot seen in the early part of the week. On the Weekend Friday, The BSE Sensex settled the day at 28,240, adding 1.3% or 358 points, while the Nifty50 quoted 8,740, gaining 1.2% or 100 points at close. Market ended flat following a range bound movement while holding the weekly gains.
Among the 30-share Sensex pack, 19 stocks got higher and the rest of them fell in the week ended Friday, 3 Feb 2017. Bharti Airtel, Coal India and HDFC edged higher 9.34%, 2.92% and 1.84% respectively, from the Sensex pack. On the other side, NTPC, ONGC and GAIL (India) were edged lower 2.77%, 1.76% and 0.93% respectively from the Sensex.
Bank stocks rose. SBI went up 4.09%, HDFC Bank went up 1.06% and ICICI Bank edged higher 3.44%. Pharmaceutical shares gained, Auto stocks rose. TCS, Infosys and Wipro edged lower 5.27%, 0.76% and 2.02% respectively.
Among the key announcements in the Union Budget 2017-18, finance minster on first February 2017, proposed to phase out the FIPB (Foreign Investment Promotion Board) by which India’s FDI policy is also likely to see further easing in FY 2018.
Budget offered a major push to Digital Economy and proposed no cash transaction above Rs 3 lakh. GST Council has finalized its recommendations on almost all the issues based on harmony.