Feb 27, 2013, 12.44 PM IST | Source: Moneycontrol.com

Sensex moves up after Economic Survey focuses on growth

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.

Moneycontrol Bureau

The market has recovered from the low point of the day after the economic Survey pointed out that Indian economy is likely to grow at 6.1-6.7% in FY14. It hints at monetary easing that will pushpedal growth.

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.

Bharti, ONGC, ICICI Bank, BHEL, Larsen and JP Associates were the top gainers on the indices. These stocks were up between 1.5-2.9 percent with Bharti seeing the biggest rise.

ALthough Economic Survey has shown concern on economic slowdown and current account deficit, it has pegged growth at 6.2 and 6.7 percent and believes inflation can be brought down to 6.2-6.6 percent in March. But Sajid Chinoy of JP Morgan finds it a tall expectation. Samiran Chakraborty of StanChart says there is no specific plan that will drive growth. Although the suirey hints at monetary easing, it may not be sizeable to kick-start capex cycle.

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.

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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.

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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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