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Sensex, Nifty Give Up Gains Ahead Of Economic Survey

The S&P BSE Sensex and NSE Nifty 50 indexes gave up intraday gains ahead of presentation of the Economic Survey by the Chief Economic Adviser (CEA) Krishnamurthy Subramanian. The Sensex fell as much as 685 points from the day’s highest level and Nifty 50 index briefly fell below 13,800.

As of 11:56 am, the Sensex was down 28 points at 46,845 and Nifty fell 7 points to 13,810.

Government is likely to predict economic growth of 11 per cent in the fiscal year beginning April 1 in its annual economic survey later on Friday, news agency Reuters reported citing a source.

The Economic Survey is expected to dwell on the progress made by the Indian economy in the previous year and also present forecasts on the year ahead, in light of the fact that novel coronavirus pandemic-triggered lockdown battered the economy in the year 2020.

Meanwhile, on Dalal Street gains in HDFC Bank, ICICI Bank, Reliance Industries and Bajaj Finance were offset with losses in Infosys, TCS, Axis Bank and Maruti Suzuki.

Eight of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Private Bank index’s nearly 1 per cent gain. Banking, financial services, metal and realty shares were also witnessing buying interest.

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On the other hand, IT, FMCG and Pharma stocks were witnessing selling pressure.

Indian Railways Finance Corporation (IRFC) shares made a weak debut on the stock exchanges on Friday. The shares opened at Rs 24.90 on the National Stock Exchange, compared with the issue price of Rs 26, marking a discount of 4.23 per cent. The stock fell as much as 6.5 per cent from its issue price, to hit an intraday low of Rs 24.30 in intra-day trading.

IndusInd Bank was top Nifty gainer, the stock rose 5 per cent to Rs 843. Mahindra & Mahindra, Bajaj Finance, Indian Oil, Hindalco, Tata Motors, ICICI Bank, HDFC Bank, Grasim Industries and Bharat Petroleum also rose between 0.75-2.6 per cent.

On the flipside, Maruti Suzuki, Axis Bank, Tata Steel, Dr Reddy’s Labs, TCS, GAIL India, Infosys, Bajaj Auto, NTPC and Britannia Industries were among the losers.

The overall market breadth was positive as 1,545 shares were trading higher while 1,037 were trading lower on the BSE.

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