Markets cherish economic survey as Sensex zooms more than 200 points
Benchmark Sensex zoomed 233 points to end at yet another record high today after the Economic Survey said India will re-establish itself as the...
MUMBAI: Benchmark Sensex zoomed 233 points to end at yet another record high today after the Economic Survey said India will re-establish itself as the world's fastest growing major economy with GDP expanding by 7-7.5 per cent in 2018-19.
The beginning of February derivatives contracts and unabated foreign fund inflows amid a higher opening of European markets added to the optimism, brokers said.The 30-share barometer, after opening on a strong footing on optimistic buying by participants, gathered momentum to touch an all-time high of 36,443.98.
However, it shed some ground on profit-booking, before finally finishing at 36,283.25, up by 232.81 points, or 0.65 per cent -- surpassing its previous record closing of 36,161.64 hit on January 24.
The 50-share NSE Nifty too closed at a fresh life high of 11,130.40 points, up 60.75 points, or 0.55 per cent.
It broke its previous closing record of 11,086 reached on January 24.The Economic Survey for 2017-18 said the GDP will grow on the back of major reforms which would be strengthened further in the next financial year.
The pre-budget survey pointed out that India can be rated as among the best performing economies in the world as the average growth during last three years is around 4 percentage points higher than global growth and nearly 3 percentage points higher than that of emerging markets and developing economies.