Indian markets started the year 2018 on a bullish note with benchmark indices hitting fresh record highs in the second week of January as well.
The rally comes despite crude oil prices which are hovering near two-and-half-year high, but hopes of a recovery in corporate earnings, government meeting FY18 fiscal deficit target and further progress in PSU banks recapitalization are keeping the momentum going on D-Street.
Global cues also played a key role in India's 30 percent rally reported since 2017. The market hit a fresh record high in the second week of 2018 also - the 30-share BSE Sensex rallied 204.36 points to 34,358.21 and the 50-share NSE Nifty jumped 60 points to 10,618.90.
Domestic liquidity is likely to drive the Nifty higher by 10-15 percent in the current year, but overall 2018 is expected to be a volatile year for market due to likely tightening of interest rates by global central banks that may pull out some money from emerging markets like India to the US, experts suggest.
Back home, the government on Friday said it expected the country's gross domestic product (at constant 2011-12 prices) to be Rs 129.85 trillion in the financial year ending in March - growth of 6.5% on a year-on-year basis, compared with 7.1% in 2016-17.
"The growth in GDP during 2017-18 is estimated at 6.5% as compared to the growth rate of 7.1% in 2016-17," the Ministry of Statistics & Programme Implementation said in its estimate of National Income for 2017-18.
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