NSE Nifty spurts 36 points as shares soar on Economic Survey signals
FMCG, oil & gas, financials, infra, auto and metal sectors led the recovery a day after the market was rattled by sell-off triggered by fears of new crisis in the eurozone.
The 50-share index oscillated between a high of 5,818.20 and a low of 5,749.70 before ending at 5,796.90, a gain of 35.5 points, or 0.62 per cent, from last close.
After a firm start on the back of heavy buying in beaten down stocks and supportive overseas cues, the market failed to maintain its initial momentum and slipped into negative zone following profit taking at higher levels ahead of the Economic Survey.
The bourses rebounded smartly after Finance Minister P Chidambaram tabled in Parliament the pre-Budget Survey which highlighted a more stable growth rate for 2013-14 at 6.1-6.7 per cent, while cautioning that global developments would continue to impact the country's overall growth.
Despite a revenue shortfall on the back of a slowdown in economic growth, the Survey noted that FY13 fiscal deficit is likely to be contained at 5.3 per cent of GDP.
However, tail-end selling in technology and pharma counters dragged the key index to close below the 5,800 level.
The upsurge was also driven by some stability in global markets after US Federal Reserve Chairman Ben Bernanke confirmed his commitment to monetary easing,
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