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

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. [caption id=“attachment_4474529” align=“alignleft” width=“380”] Representational image. Reuters.[/caption] 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.