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Survey growth projection sends Sensex up 473 points, Nifty 161

The S&P BSE benchmark sensex rallied by 473 points to close at 29,220.12 and CNX Nifty rose by 161 points to finish at 8,844.60 on strong buying by operators on hopes of economic growth coupled with persistent foreign capital inflows into equity market.

India’s GDP is likely to grow at 8.1-8.5 per cent next fiscal and accelerate to double-digit levels in the coming years on the back of reforms, falling crude prices and likely cut in interest rates, says the Economic Survey.

The Survey stated that the government has undertaken several reforms and more are on the anvil.
The introduction of the GST and expanding direct benefit transfers can be game-changers.

Foreign portfolio investors (FPIs) bought shares worth a net Rs 2312.15 crore yesterday as per provisional data released by the stock exchanges while Domestic institutional investors (DIIs) bought shares worth a net Rs 340.79 crore yesterday.

The sensex resumed higher at 28,865.12 and shot up further to 29,254.02 before ending at 29,220.12, showing a sharp gain of 473.47 points or 1.65 per cent.

The CNX 50-share Nifty also rose by 160.75 points or 1.85 per cent to finish at 8,844.60 after hitting 8,856.95.

Meanwhile, the stock exchanges have decided to keep the stock market open on Saturday just like any other normal trading session when the Finance Minister Arun Jaitley presents the first full-fledged Budget of the Narendra Modi government.

Jignesh Chaudhary, Head Of Research, Veracity Broking Services said, “Today Indian local equities traded strong and gained almost two per cent for the day to post their best single-day advance in nearly six weeks as blue chips rallied on hopes the government would deliver a budget that increases public investment and will enhance the idea of ‘Make in India’ which will boost the various sectors like manufacturing, infrastructure and will also help local businesses which will eventually assist India to grow at a higher pace”.

Sebi ups  vigil to prevent Budget day volatility

Anticipating huge volatility during the special stock market trading on Budget day on Saturday, regulator Sebi and stock exchanges have enhanced vigil to keep manipulators at bay and ensure smooth operations.

The surveillance systems have been put on high alert, fearing attempts by manipulators to take advantage of high anticipations associated with the Budget, top officials said, adding that markets are expected to witness a huge turnover, including by foreign entities. Various market entities have also been asked to ring-fence their systems and infrastructure from any sudden volatility. Brokers have informed customers they are anticipating high market volatility during the Budget announcement.
PTI

PTI

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