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Sensex retakes 23,ooo mark on Eco Survey, budget hopes; up 178 points

The benchmark Sensex jumped over 210 points after the Economic Survey projected the Indian economy to grow at 7-7.75% in 2016-17, which could accelerate to 8% in a couple of years.

business Updated: Feb 26, 2016 17:08 IST
Asian cues,Economic Survey,Sensex
In overseas markets, Asian stocks rose on account of two-day gathering of G-20 finance ministers and central bankers in Shanghai that kicked off Friday to discuss global economic growth concerns.(File Photo)

The benchmark Sensex on Friday shunned its three days of losing spell by gaining over 178 points after the Economic Survey which came days before the Union Budget projected the economy to grow at 7-7.75% in 2016-17. In the process, the index also regained the 23,000-mark.

For the week, the Sensex declined 554.85 points, or 2.34%, and the Nifty 181 points, or 2.51%.

The beginning of March derivatives contracts and positive global cues made investors more confident.

Early on, the 30-share barometer recaptured the 23,000 level, but soon succumbed to profit-booking before closing higher by 178.30 points, or 0.78%, at 23,154.30. The gauge had lost 812.79 points in the previous three sessions.

At the close, the broader NSE Nifty was above the key 7,000-mark at 7,029.75, up 59.15 points, or 0.85%.

During Friday’s session, the Nifty shuttled between 7,052.90 and 6,985.10. The survey estimated growth at 7-7.75% for the next fiscal while pressing for more reforms, subsidy cuts and sticking to the fiscal consolidation plan.

During April-November, FDI into the country rose 31% to 24.8 billion dollar, the survey added, which lifted sentiment.

Major gainers that supported the key indices were Coal India, SBI, NTPC, L&T, Axis Bank, ITC Ltd, HDFC Bank, Tata Motors, HDFC Ltd, Cipla, M&M, Infosys, Adani Ports, ICICI Bank, BHEL, RIL and Hindustan Unilever.

“Optimistic investors were seen widening their bets ahead of the Budget on Monday, encouraged by the Economic Survey,” said Manoj Choraria, a Delhi-based stock broker.

Of the 30 constituents of the Sensex, 19 lost and 11 advanced. The BSE metal index gained the maximum, up 1.66%, followed by banking 1.51%, realty 1.47%, capital goods 1.12%, FMCG 1.06% and PSU 1.06%.

In broader markets, buying activity helped the BSE midcap gain 0.30% while the smallcap fell 0.45%. Asia rallied after China’s central bank chief said Beijing still has enough monetary firepower to keep the world’s second-largest economy on track as G20 ministers gathered in Shanghai. European stocks are also pushing higher after the Wall Street advanced overnight. According to provisional figures, foreigners sold shares worth Rs 1,465.68 crore on Thursday.

First Published: Feb 26, 2016 12:03 IST