May 21, 2024 11:49 (IST)
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Indian benchmark indices snap their three day losing spree on Friday
Mumbai, Feb 26 (IBNS) The Indian benchmark indices, on Friday, the last day before the placing of the Union Budget 2016 on Monday, snapped their consecutive three-day fall with the Sensex climbing 178 points to close at 23,154 and Nifty up 59 points at 7,030.
Investment in banking, metal, capital goods and realty stocks propped up the indices.
But for the week ending Friday, the Sensex dropped 2.3 percent and Nifty fell 2.5 percent largely due to global weakness following correction in oil prices.
The Economic Survey 2015-16 presented in the Parliament on Friday by Union Finance Minister Arun Jaitley emphasizes that Indian economy will continue to grow more than 7 percent for the third year in succession in 2016-17 helped by a normal monsoon, despite global meltdown.
The Economic Survey also states that due to Government’s commitment to carry the reform process forward, conditions do exist for raising the economy’s growth momentum to 8 percent or more in the next couple of years.
The survey underlines that despite global headwinds and a truant monsoon, India registered 7.2 per cent growth in 2014-15 and 7.6 per cent in 2015-16, thus becoming the fastest growing major economy in the world.
The Survey underlines that the growth in the services sector moderated slightly, but still remains robust. Being the main driver of the economy, the sector contributed about 69 per cent of the total growth during 2011-12 to 2015-16 and in the process expanding its share in the economy by 4 percentage points from 49 to 53 per cent.
The Survey in its outlook clearly points out that though the emerging market economies have clearly slowed down, the Indian economy stands out as a haven of macroeconomic stability, resilience and optimism and can be expected to register GDP growth that could be in the range of 7.0 per cent to 7.75 per cent in the coming year.
On Friday, some of the leading companies that saw a rise in share prices were Coal India, Hindalco, Vedanta, State Bank of India, NTPC, Yes Bank, Axis Bank and L&T.
Losers included Bajaj Auto, Lupin, Bharti Airtel, ACC, Wipro and Idea Cellular.
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