BSE Sensex surges 137 pts, NSE Nifty by 35 pts on Economic Survey growth outlook
The Bombay Stock Exchange 30-share gauge resumed higher but quickly fell to a low of 18,997.82. Buying gathered pace soon after Finance Minister P Chidambaram tabled the Survey.
The key index finally settled at 19,152.41, a rise of by 0.72 per cent or 137.27 points -- the best gain since January 25.
Yesterday, it had tumbled to three-month lows as it lost 316.55 points hit by global woes and hike in freight rates.
The 50-issue CNX NSE Nifty also bounced back today by 35.55 points or 0.62 per cent to end at 5,796.90.
Shares from capital goods, realty, refinery, metal, FMCG, power and PSU sectors attracted buying while IT scrips suffered losses on profit-booking. Market breadth turned positive as 1,440 shares finished up while 1,359 ended down.
The Survey projected an optimistic growth rate of 6.1-6.7 per cent for the 2013-14 claiming that the downturn is more or less over and economy is looking up. It made a strong call for cutting subsidies and widening of tax base.
"Economic Survey for 2012-13 presented some positive highlights indicating economic recovery, which boosted the market sentiment, along with positive global cues," said Rakesh Goyal, Senior Vice President, Bonanza Portfolio Ltd.
Smart rise in heavyweights like ONGC, Bharti Airtel, RIL, M&M and