Feb 27, 2013, 01.55 PM IST
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.
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.
At 12.14 PM, the Sensex was up 88.28 points or 0.46% at 19103.42, and the Nifty moved up 19.50 points or 0.34% at 5780.85.
The sell-off in midcap shares intensified on Wednesday, with rumours swirling that the promoters of some of these companies could be teetering on the edge of bankruptcy.
Serious damages have begun to unfold in the broader markets, serving as a grim reminder to bloody Tuesday and threatening to spill over to largecaps. At 10.36 AM, the Sensex was down 2.61 points at 19012.53, and the Nifty fell 6.30 points to 5755.05.
At 09.17 AM, the Sensex was up 89.13 points at 19104.27, and the Nifty gained up 32.65 points at 5794.00. Top largecap gainers on the indices were Bhart, Sterlite, BHEL, Jindal Steel, HDFC, DLF, JP Associates and Sesa Goa.
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