The psychological 10,900 for the Nifty has also been hit yesterday and to celebrate it the closing bell was rung by the students of the associated Institute who are involved in creating mass financial awareness. Some of the reasons for such high levels include
1. Govt. announcement of its cut back on additional borrowing to Rs. 20,000 crore: After the announced in December after breaching the fiscal target announced plans to make supplementary borrowing of Rs. 50K crore, this week a favourable move came in as a cut on this front. With it bank Nifty gained by as much as 4% this week.
2. Global rally also spurs Indian stock market euphoria: Cascading effect with some of the global stock indices performing high has also boosted the rally in Indian markets.
3. Sensex rally to 35000 level in a fortnight's time: An almost 1000 points rally in Sensex has been made in just a fortnight's time and this is highly cheering given elections are just round the corner.Cut back on borrowing target played as a catalyst.
4. Optimism on Q3 corporate earnings and favourable Union Budget 2018: Also as some of the highs in the market have also factored in the optimistic corporate results say for instance Reliance Industry in its Q3 results yesterday said that Jio's profitability is highly likely to be attained before schedule. Some of the heavyweights which came up with their results yesterday, including ICICI Bank, HDFC Bank, TCS, HCL Technologies, ITC lifted the mood of the markets as they registered 52-weeek highs in intra-day on Friday.
Being the last full budget of the Modi govt, the stock market is also factoring in all possibility of a populist budget.