BSE Sensex surpasses 38,000 level on Friday

The Sensex is at 38,000 level, Airtel falls on rating downgrade

The Sensex is at 38,000 level, the benchmark BSE Sensex has surpassed the level of 38,000 on Friday after a gap of six months, as the pre-election rally continued on the expectation that the current coalition government's win would do well for the market stability.
Elections to the Lok Sabha will be held in seven phases beginning from April 11, and about 900 million citizens will be eligible to vote in the huge exercise that lasted for more than one month.

Prime Minister Narendra Modi's government has increased the probability of a second term due to the tension in the neighboring country, Pakistan.

"The recent rally, which has been in the consolidation after four months, is pending and is likely to be there and in this short period it is likely to dissolve the peak of 11,760 (NSE index)," senior vice president Pritesh Mehta said.

The broad NSE Nifty jumped 0.64 percent to 5,266.35 on Thursday at 1126 GMT. In August, it achieved a level of 11,760.20.

After the first break of 38,000 after September 2018, the BSE Sensex rose 0.61 percent to 37,985.98.

Both the index rose for the fifth straight session and got ready for a weekly gain of 3.5 percent.

The Nifty Bank Index gained 1.4 percent and the financial market gained momentum.

Kotak Mahindra Bank was the top percentage with an increase of 4 percent on the Nifty.

The Nifty IT index gained 0.9 percent and IT stocks gained momentum.

Mid-caps, which have returned to headlines on attractive valuations, have nifty 0.5 percent higher with the Midcap 100 Index.

After the decline of 2.63 percent by Bharti Airtel Ltd, Jefferies reduced the stock to "underperform" from "hold" and reduced its price target from 280 to 280 rupees.

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