Sensex jumps 137 points on growth outlook
The BSE benchmark Sensex today rose by 137 points on good buying support after the Economic Survey 2012-13 projected 6.1 to 6.7% growth in the next financial year and made a strong call for reducing subsidy level.business Updated: Feb 27, 2013 17:08 IST
The BSE benchmark Sensex on Wednesday rose by 137 points on good buying support after the Economic Survey 2012-13 projected 6.1 to 6.7% growth in the next financial year and made a strong call for reducing subsidy level.
The Sensex gained 137.27 points, or 0.72%, to close at 19,152.41 led by stocks of capital goods, realty and refinery sectors.
The index had plunged to three months low by dropping 317 points in the previous session.
The gauge had touched a high of 19,213.02 and a low of 18,997.82 during the session.
Similarly, the broad-based National Stock Exchange index Nifty rose by 35.55 points, or 0.62%, to 5,796.90, after touching the day's high of 5,818.20.
Brokers said besides the Economic Survey's projections of a higher growth rate next fiscal, expectations of some sops in the general budget tomorrow kept the investors cheerful.
While pegging the GDP growth at an estimated 5% for the current fiscal, the Survey tabled in Parliament by finance minister P Chidambaram said "...the overall economy is expected to grow in the range of 6.1 to 6.7% in 2013-14" as the economy is looking up.
The upsurge was further supported by firming trend in the Asian region after the US Fed affirmation of its commitment to monetary stimulus, traders said.
The bluechip stocks, which had plunged in the previous session led by Reliance Industries and Larsen and Toubro, rebounded on value buying a day before the general budget. RIL gained 0.88 per ent to Rs 831.20 and L&T rose by 3.16% to Rs 1,410.45.
In 30-BSE index components 22 stocks gained led by Bharti Airtel, Mahindra and Mahindra, ONDC, ICICI Bank, BHEL, Bajaj Auto and Sterlite Industries recording gains up to three%.