Economic Survey spurs robust recovery

Mumbai: Equity benchmarks notched up solid gains on Monday after a two-session sliding streak as healthy growth projections in the Economic Survey and supportive global cues enthused investors. A robust recovery in the rupee further bolstered sentiment, traders said. The 30-share BSE Sensex opened on a firm footing and kept its momentum throughout the session. It finally closed at 58,014.17, clocking a gain of 813.94 points or 1.42 per cent.

Likewise, the broader NSE Nifty rallied 237.90 points or 1.39 per cent to end at 17,339.85. "Taking positive cues from global markets and favourable takeaways from the Economic Survey report, the market rallied ahead of the Budget day with all major sectors in the green.

The major macro indicators of the Survey gave confidence that the country is well placed to face future challenges with GDP growth for FY23 projected at 8-8.5 per cent. Global markets turned positive backed by gains in the US market as investors ignored geopolitical disturbances and turned their eye towards strong earnings numbers from tech firms," said Vinod Nair, head (research) at Geojit Financial Services.