Sensex breaches 35,000-mark

Tribune News Service

New Delhi, January 17

Continuing its bull run, the BSE Sensex today breached the 35,000-mark for the first time ever after the government lowered its additional borrowing requirement for the current fiscal to Rs 20,000 crore from Rs 50,000 crore estimated earlier.

The Sensex rose by 310 points or 0.89% to end at 35,081 points, breaking its previous record of 34,843 points. It took the index 17 sessions to scale the 35,000-mark from the 34,000-level reached on December 26 last.

The broader Nifty jumped 88.10 points, or 0.82%, to close at 10,788.55, surpassing its previous record of 10,741.55 hit on January 15. It also touched an intra-day record of 10,803 points.

Commenting on the Sensex touching the 35,000-mark, Dhiraj Relli, MD & CEO, HDFC Securities, said, “The lowering of additional borrowing requirement for the current fiscal to Rs 20,000 crore from Rs 50,000 crore estimated earlier was welcomed by the market participants. It is remarkable and the markets are rising in the phase of adverse expectations”.

According to a recent report by ICICI Securities, equities were the top cross asset-class performance in CY17, which will result in continued flows from domestic investors in 2018.

The report said equities trounced all other asset-class performance in calendar year 2017 and will reinforce the trend of rising flows of Indian household savings towards equities with domestic institutions flows at $14 billion during the year.

The Finance Ministry today announced that following a review of trends of revenue receipts and expenditure pattern, it has been assessed that additional borrowing of only Rs 20,000 crore of government securities would be adequate to meet financing needs. The statement has reduced concerns of a sharp fiscal slippage in the current fiscal.

“Government did not accept borrowings of Rs 15,000 crore in the last three auctions. The remaining Rs 15,000 crore would be reduced from the notified borrowing programme of ensuing weeks,” the statement said.

Bull run continues 

• The BSE benchmark rose by 310 points or 0.89% to end at 35,081 points, breaking its previous record of 34,843 points 
• It took the index 17 sessions to scale the 35,000-mount from the 34,000-level reached on December 26 last
• The Nifty jumped 88.10 points to close at 10,788.55 points, surpassing its previous record of 10,741.55 hit on January 15