Market sentiment positive after Economic Survey 2019 projects GDP growth at 7%; Sensex, Nifty extend gains ahead of Budget

Mumbai: Extending gains for the fourth straight session, equity benchmarks ended on a positive note on Thursday after the Economic Survey 2019 projected India's economic growth rebounding from a five-year low to 7 percent this year.

The 30-share BSE Sensex settled 68.81 points or 0.17 percent, higher at 39,908.06. The index hit an intra-day high of 39,979.10 and a low of 39,858.33.

Similarly, the broader NSE Nifty gained 30 points or 0.25 percent to finish at 11,946.75. During the day, the index touched a high of 11,969.25 and a low of 11,923.65.

Top gainers in the Sensex pack included Bharti Airtel, Tata Motors, IndusInd Bank, Kotak Bank, Hero MotoCorp, Asian Paints and PowerGrid, ending up to 2.53 percent higher.

 Market sentiment positive after Economic Survey 2019 projects GDP growth at 7%; Sensex, Nifty extend gains ahead of Budget

Representative image. Reuters

On the other hand, Yes Bank, HCL Tech, Vedanta, Sun Pharma, Tata Steel, L&T, HDFC Bank and NTPC fell up to 3.56 percent.

Market sentiment remained positive after the Economic Survey projected GDP growth at 7 percent in 2019-20 from an estimated 6.8 percent in the previous year, said Narendra Solanki, Head, Fundamental Research (Investment Services)—AVP Equity Research, Anand Rathi Shares and Stock Brokers.

"Investment rate has been seen picking up in FY20 on higher credit growth and improved demand. However, gains remained capped as some concern about monsoon rains in the week resurfaced," he pointed out.

Investors were also cautious ahead of the Union Budget, to be presented on Friday (tomorrow).

On the currency front, the Indian rupee appreciated 24 paise to 68.89 against the US dollar intra-day.

Elsewhere in Asia, bourses in Shanghai and Hong Kong ended in the red, while those in Tokyo and Seoul settled in the green.

Equity markets in Europe were trading on a positive note in their respective early sessions.

Meanwhile, Brent crude futures, the global oil benchmark, slipped 0.08 percent to $63.77 per barrel.

Updated Date: Jul 04, 2019 16:22:53 IST