Markets post smart weekly gains; Sensex, Nifty jump 11% this year

A man looks at a screen displaying news of markets update inside the Bombay Stock Exchange building in Mumbai

The NSE Nifty slipped by 2.20 points or 0.02 per cent, to close at 9,084.80 points, while the BSE Sensex was marginally down 44.52 points or 0.15 per cent at 29,398.11 points.

The much-anticipated turnaround on the economic front has opened up a barrage of foreign capital fund flows into India.

The council, composed of central and state ministers on Thursday, cleared five draft bills linked to the GST, which will create a national sales tax.

"The rally in the market is expected to continue until the fourth-quarter results are out". The broader NSE Nifty 50 index gained 0.8%, or 68.90 points, to 9,153.70, its highest ever.

The Fed lifted its interest rates by 25 basis points to a range of 0.75 per cent to 1.00 per cent, but said further increases would only be "gradual".

World stock indices surged to record highs on Thursday while the dollar hit a one-month low, building on moves that followed the US Federal Reserve's interest rate hike and signal there would be no pick-up in the pace of tightening. Investors were concerned about lack of detail about US President Donald Trump's tax reforms and spending promises in his first budget.

ITC shares jumped 4.4 percent on reports that there would be no excise duty on top of the proposed specific cess on cigarettes.

Meanwhile, foreign portfolio investors (FPIs) and foreign institutional investors (FIIs) bought shares worth Rs 8,684.23 crore during the week, as per Sebi's record including the provisional figure of March 17.

The same theme played out in the 30-share Sensex kitty. VST Industries led gains by surging 7.55 per cent. Godfrey Phillips rose too.

Major index gainers were Adani Ports (4.96 per cent), Tata Steel (4.30 per cent), HINDALCO (4.30 per cent), Tata Motors Dvr (2.23 per cent) and Asian Paints (2.21 per cent).

The BSE Small-Cap index gained 407.67 points, or 3 per cent to settle at 14,012.63. In Europe, the direction of stocks was mixed.