Sensex (BSE) for the first time touches the 35K mark by touching 35, 118.61 and closed at 35,084.78 whereas Nifty performed its best by touching 10, 803 while closing at 10, 788.55.

Sensex Hits 35,000 on Fiscal Borrowing Cut to 20K Crore

The Government of India recently announced that it has reduced the fiscal borrowing from 50, 000 crore to Rs 20, 000 crore that proved out to be masterstroke for the market. The BSE Sensex for the first time hits 35,000 leading to a celebration for the investors.

Revenue Receipts and Expenditure Pattern Reviewed Additional borrowing of only Rs20,000 Cr of Government Securities would be adequate to meet financing needshttps://t.co/uIpL9qoNBH — Ministry of Finance (@FinMinIndia) January 17, 2018

In the last month only the Sensex touched 34,000 mark and within few weeks it climbed to 35,000 and is expected to grow more. All the BSE sectors were in positive zone in which the capital goods index gained the most of 1.59%. Banking sector gained the second most of 1.55% while the IT sector gained 1.28%.

Banking and IT sector performed well followed by the cement, metal and energy sector. The reduction in additional borrowing can be seen in connection to the upcoming budget where the government will present its last full budget.

Top Gainers

The top three gainers come from the banking sector where Axis bank tops the list with the maximum gain. Axis bank gained the highest by 3.91% or 22 points closing at 387.80.

The second highest gainer is the State Bank of India with 3.70% gain closing at 308.10.

The Third is the ICICI bank that gained 2.74% closing at 343.35.

Others who gained are Infosys that gained by 2.60% closing at 1148.00. Aurobindo Pharm recorded a gain of 2.52% while HPCL gained 2.41 and Adani Ports gained 2.33%. Others who are in the list of gainers are Yes Bank, Larsen, ITC, TCS, UPL, Bajaj Auto, etc.

Top Losers

The biggest loser for the day was Zee Entertainment, an enterprise of Essel Group that lost -3.33% closing at 592.10 whose previous close was 613.40.

Wipro was the second most loser with -1.88% closing at 325.95.

Hindustan Unilever lost by -0.88% closing at 1375.85.

Oil and Natural Gas Corporation lost -0.78% closing at 195.30.

Some other losers are Kotak Mahindra, Hero Motocorp, HDFC Bank, Tech Mahindra, Bharti Infratel, etc.

Sensex Outlook

Since last one year there has been whooping rise in Sensex of more than 6000 points. Weeks from now the Union Government will present budget for FY201819 and if things go as expected then there won’t be any shock if Sensex rallies to new heights.