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Equities rise after Economic Survey pegs fiscal growth at 6.75%

Bombay Stock Exchange

Mumbai, Jan 29 (UITV/IANS)- Key Indian equity indices continued to gain during the mid-afternoon trade session on Monday after the Economic Survey for 2017-18 tabled in Parliament pegged the country's growth at 6.75 per cent for the current fiscal and 7 to 7.5 per cent in 2018-19.

"A series of major reforms undertaken over the past year will allow real GDP growth to reach 6.75 per cent this fiscal and will rise to 7.0 to 7.5 percent in 2018-19, thereby re-instating India as the world's fastest growing major economy," the Survey said.

According to market observers, healthy buying in auto, metals and banking stocks, coupled with positive global cues and the expectation of sops from the Union Budget 2018-19, kept investors' sentiment upbeat.

Around 1 p.m., the wider Nifty50 of the National Stock Exchange traded higher by 79.70 points or 0.72 per cent at 11,149.35 points.

On the BSE, the barometer 30-scrip Sensitive Index (Sensex), which opened at 36,106.36 points, traded at 36,364.82 points -- up 314.38 points or 0.87 per cent from its previous close.

However, the BSE market breadth turned slightly bearish as 1,443 stocks declined against 1,251 advances.

During intra-day trade, the Nifty50 scaled a new high of 11,163.75 points and the Sensex of 36,410.60 points.

On the last trading session on Thursday, the indices had closed in the red on the back of heavy selling pressure in auto, IT and consumer durables stocks.

The Nifty50 fell by 16.35 points or 0.15 per cent to close at 11,069.65 points, while the Sensex closed at 36,050.44 points -- down 111.20 points or 0.31 per cent.