The S&P BSE Sensex and NSE Nifty 50 Indexes rose for third session in a row after the Finance Ministry's Economic Survey report pegged India's growth at 7 per cent for financial year 2019-20. The projection is higher than a growth rate of 6.8 per cent - the lowest in five years - clocked by the economy for the year ended March 31. If the projection comes true, it could help India regain the status of world's fastest-growing major economy by overtaking China.
The Sensex rose 69 points or 0.17 per cent to close at 39,908.06 and the NSE Nifty 50 Index advanced 0.25 per cent or 30 points to settle at 11,947.
Market sentiment remained positive after the Economic Survey projected GDP growth at 7 per cent in 2019-20 from an estimated 6.8 per cent in the previous year, news agency Press Trust of India quoted Narendra Solanki, head fundamental research (investment services) - AVP equity research, Anand Rathi Shares and Stock Brokers, as saying.
Gains in equity markets were paced by buying interest in financials, banking and realty shares. However, the upside was capped as select metal, FMCG and pharma shares witnessed selling pressure.
UPL, Bharti Airtel, Britannia Industries, Tata Motors and UltraTech Cement were the top gainers on the 50-share Nifty.
The major drags on both the benchmark indexes was private sector lender Yes Bank. Shares of the bank ended lower 3.5 per cent at Rs 96.25 on the BSE.
HCL Tech, JSW Steel, Zee Entertainment and Titan were also among the laggards.
Thirteen of 19 sector gauges compiled by BSE ended higher led by the S&P BSE Telecom's 1.53 per cent gain. Realty and Basic Materials Indexes also rose 0.9 and 0.5 per cent each respectively.