BSE Sensex surges 137 points on Economic Survey growth outlook
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The BSE benchmark Sensex today rose by 137 points on good buying support after the Economic Survey 2013 projected 6.1 to 6.7 per cent growth in the next financial year and made a strong call for reducing subsidy level.
The Sensex gained 137.27 points, or 0.72 per cent, 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 (NSE) Nifty rose by 35.55 points, or 0.62 per cent, 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 per cent 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 per cent 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 per cent
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 per cent.