Sensex pares early losses, turns flat after Economic Survey forecasts GDP growth of 6-6.5% next fiscal

Market benchmark Sensex pared most losses to trade marginally lower in afternoon session on Friday after the release of the government's Economic Survey which projected a GDP growth rate of 6 - 6.5 percent for the next fiscal

Press Trust of India January 31, 2020 14:11:42 IST
Sensex pares early losses, turns flat after Economic Survey forecasts GDP growth of 6-6.5% next fiscal
  • After falling over 450 points from the day's high, the 30-share BSE index pared most losses to trade 6.61 points or 0.02 percent lower at 40,907.21

  • Similarly, the broader NSE was down 12.20 points, or 0.10 percent, at 12,023.60

  • tating that growth has bottomed out, the Economic Survey projected India's economic growth at 6 percent to 6.5 percent in the next financial year starting 1 April

Mumbai: Market benchmark Sensex pared most losses to trade marginally lower in afternoon session on Friday after the release of the government's Economic Survey which projected a GDP growth rate of 6 - 6.5 percent for the next fiscal.

Stating that growth has bottomed out, the Economic Survey projected India's economic growth at 6 percent to 6.5 percent in the next financial year starting 1 April.

This compares to a projected 5 percent expansion in 2019-20.

Sensex pares early losses turns flat after Economic Survey forecasts GDP growth of 665 next fiscal

Representational image. Reuters.

After falling over 450 points from the day's high, the 30-share BSE index pared most losses to trade 6.61 points or 0.02 percent lower at 40,907.21.

Similarly, the broader NSE was down 12.20 points, or 0.10 percent, at 12,023.60.

Kotak Mahindra Bank was the top gainer in the Sensex pack, rallying over 4 percent, followed by IndusInd Bank, Bajaj Auto, Hero MotoCorp and Titan.

On the other hand, ONGC and PowerGrid tanked up to 5 percent. HCL Tech, TCS, Sun Pharma and Reliance Industries were also in the red.

Bourses in Hong Kong and South Korea were trading in the red, while Japan rose 1 percent. Markets in China remained closed.

Brent crude oil futures rose 1.01 percent to $57.91 per barrel.

The rupee appreciated 21 paise to 71.36 against the US dollar in the morning session.

Updated Date:

Find latest and upcoming tech gadgets online on Tech2 Gadgets. Get technology news, gadgets reviews & ratings. Popular gadgets including laptop, tablet and mobile specifications, features, prices, comparison.

also read

COVID-19 impact: In a first since 1947, Union Budget documents not to be printed this year
India

COVID-19 impact: In a first since 1947, Union Budget documents not to be printed this year

All Members of Parliament will get soft copies of the budget and Economic Survey that contains an account of the state of the economy

World Bank says Indian economy may contract by 9.6% in 2020-21, estimates severe income losses in informal sector
India

World Bank says Indian economy may contract by 9.6% in 2020-21, estimates severe income losses in informal sector

In the rest of South Asia, the economic impact of COVID-19 has been somewhat less severe but still significant. Economies that depend heavily on tourism and travel have been especially hard hit