Feb 27, 2013 01:55 PM IST | Source: Moneycontrol.com

Nifty above 5800; ICICI Bank, L&T, Bharti lead gainers

The 50-share NSE Nifty extended gains in afternoon trade, rising above 5800 level especially after announcement of Economic Survey for fiscal 2013-14. The index moved up 41.70 points to 5,803.05, helped by ICICI Bank, Reliance Industries and L&T.

Nifty above 5800; ICICI Bank, L&T, Bharti lead gainers

The 50-share NSE Nifty extended gains in afternoon trade, rising above 5800 level especially after announcement of Economic Survey for fiscal 2013-14. The index moved up 41.70 points to 5,803.05, helped by ICICI Bank, Reliance Industries and L&T.

Meanwhile, the 30-share BSE Sensex rose 153.40 points to 19,168.54.

According to Chief Economic Advisor Raghuram Rajan's first ever Economic Survey for the current fiscal, WPI inflation is seen declining to 6.2-6.6 percent by March, which could create more room for rate cuts going ahead. The economic Survey pointed out that Indian economy is likely to grow at 6.1-6.7% in FY14. However, oil subsidy is the key fiscal risk, which needs to be addressed, according to survey.

Country's largest private sector lender ICICI Bank jumped over 2 percent while its rival State Bank of India was up 1.2 percent.

Engineering and construction major Larsen & Toubro rallied more than 3 percent while state-owned BHEL moved up 2.5 percent.

Oil & gas exploration companies' shares too were on buyers' radar. Reliance Industries went up 1.5 percent and ONGC climbed nearly 3 percent.

Telecom major Bharti Airtel topped the buying list, rising 3.6 percent.

However, technology majors TCS and Infosys were under pressure, falling 0.8-1.3 percent. Private sector lender HDFC Bank slipped 0.7 percent.

European markets opened marginally higher. Britain's FTSE rose 0.23 percent while Germany's DAX and France's CAC gained 0.5 percent.

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