Key indices on Friday closed on the record high. The 30-share BSE Sensex rose 184.21 points to 34,153.85 and the 50-share NSE Nifty gained 54.10 points at 10,558.90.
Key indices on Friday closed on the record high. The 30-share BSE Sensex rose 184.21 points to 34,153.85 and the 50-share NSE Nifty gained 54.10 points at 10,558.90.
About 1,714 shares advanced against 1,215 declining shares on the BSE.
Experts believe that the rally came over the hopes that the government might retain its target of fiscal deficit. Meanwhile, Cogencis reported that the Reserve Bank of India has given a green signal for extra dividend payment to the government.
The government has sought Rs 13,000 crore additional dividend from RBI.
Emerging stocks and currencies had a strong start to the year fuelled by solid growth numbers, perky commodity markets and a tepid dollar with equities on track for the best weekly performance since July.
MSCI's emerging market index rose 0.4 percent to take weekly gains to 3.4 percent - the best start to a new year since 2006. Asia ex-Japan shares hit a fresh decade high, hovering close to an all-time record led by gains in South Korea.
Risk appetite has been whetted by a run of solid data from both developing and emerging economies, confirming the economic expansion is firmly on track.
Thursday's latest U.S. ADP National Employment Report further boosted the mood, showing private employers added a forecast-beating 250,000 jobs in December, and stoking expectations for key U.S. non-farm payroll data out later on Friday.
The upbeat outlook and a tepid dollar also fuelled commodity markets with the Thomson Reuters Core Commodity CRB index at its highest since October 2015 and oil prices holding near the highest levels since May 2015.
"That's providing a macro tailwind for emerging markets – oil and global trade both speak to stronger emerging markets exports and emerging markets growth, which helps lift people’s expectations on a whole range of EM assets," said Koon Chow, strategist at UBP.
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