Indices record high on Economic Survey, global cues, Maruti up 4%
The survey pegged estimated gross domestic product growth for 2018-19 at 7-7.5%, compared with a forecast of 6.75% in the current fiscal year
Benchmark indices gained substentially after the Economic Survey 2017-18, tabled in Parliament on Monday, oupacing the global market.
The survey pegged estimated gross domestic product growth for 2018-19 at 7-7.5%, compared with a forecast of 6.75% in the current fiscal year.
It added that, FY18 gross value added is likely to grow at 6.1% in FY18 against 6.6% in FY17 and Industry growth is likely to be at 4.4% for the current fiscal year.
Expressing concerns over current high oil prices, it expects average crude oil prices rising 12% in FY19.
Globally, Asian shares looked to extend their bull run amid better than expected corporate earnings and strong global economic growth. On the other hand, White House's stand on “unfair” trade practices kept the US dollar on the defensive.
Information technology (IT), metal, auto, financial services, banks and metals stocks were trading in the green in the noon trade.
At 1.52 pm, the Nifty IT index was trading over 1% up, while TCS, Mind Tree, Tata Elxi, Infosys, KPIT among the stocks surged from 1% to 3%.
Maruti Suzuki India, Ashok Leyland, Eicher Motors, Bajaj Auto and Tata Motors were among the stocks that pushed the Nifty Auto index 1.78% up. Maruti Suzuki India surged over 4%.
Nifty Bank was also 0.45%, while stocks of Kotak Mahindra Bank, HDFC Bank, Indusind Bank and Federal Bank were performing well. Axis Bank, ICICI Bank, YES Bank, PNB and Bank of Baroda were laggards on the NIFTY Bank index.
At 2.04 pm, Nifty 50 was trading 0.75% up at 11,152.85, while BSE Sensex was 0.91% or 326.42 points higher at 36,376.86 after opening at 36050.44.