In­dia Ris­ing Now Play­ing Un­in­ter­rupted on D-St

But some bro­ker­ages con­cerned val­u­a­tions may have risen too high

The Economic Times - - Front Page - BISWA­JIT BARUAH

Mar­kets climbed to yet an­other record on Fri­day on brim­ming in­vestor con­fi­dence ahead of Naren­dra Modi tak­ing the oath of of­fice on Mon­day as In­dia’s next Prime Min­is­ter at the head of a team that’s ex­pected to push for bold steps to re­vive eco­nomic growth, al­though there is some con­cern that val­u­a­tions may have risen too high. Sen­ti­ment was boosted by bet­ter-than-ex­pected re­sults at SBI, the coun­try’s largest lender. The stock rose 9.69% to .` 2,755, its high­est in three years. The Sen­sex ral­lied 318.95 points or 1.31% to 24,693.35, its high­est clos­ing ever, with 726 com­pa­nies hit­ting their 52-week high on the BSE. The broader NSE Nifty surged 90.70 points or 1.25% to 7,367.10. “In­vestors are an­tic­i­pat­ing a spate of re­forms from the new govern­ment, which could lead to an eco­nomic re-rat­ing,” said

Deutsche Bank has down­graded In­dian stocks to neu­tral, cit­ing ex­pen­sive val­u­a­tions

forms by the new govern­ment. Tata Power rose 6.33% to 105.75 while ONGC gained 3.68% to 407.50.

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