Sensex gains over 100 pts ahead of Economic Survey

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Sensex

Mumbai: Benchmark indices were trading higher in Friday’s morning session ahead of the Economic Survey which will be tabled  in Parliament later in the day.

The survey prepared by Chief Economic Adviser Krishnamurthy Subramanian is likely to flag headwinds that the economy might face in its pursuit to become the world’s fifth largest economy.

The benchmark S&P BSE Sensex rose 116 points, or 0.3%, to 39,954, with IndusInd Bank, Bharti Airtel, Kotak Mahindra Bank, YES Bank, and State Bank of India among the top gainers. The broader Nifty50 index added 39 points to hover around 11,955 levels.

All the Nifty sectoral indices except Nifty Metal, IT, and FMCG indexes were trading in the green. Nifty PSU Bank gained the most 1.5%, followed by Nifty Realty, up 1%

In the broader market, the S&P BSE MidCap index was ruling at 14,996, up 34 points, or 0.2%, while the S&P BSE SmallCap index climbed 49 points, or 0.3%, to 14,369.

Shares of Uniply Industries rallied nearly 5% to Rs 66.50 apiece in the early morning trade on Thursday, a day after Kuwait-based multi-family office investment firm Markab Capital WLL announced acquisition of a controlling stake in the company. The offer values the company at an enterprise value of over Rs 1,550 crore on a fully diluted basis.

Uniply is an integrated architectural, design and build turnkey solutions provider in the residential and commercial sectors. The company offers an entire gamut of services from architectural design and build, mechanical, electrical, plumbing, interiors, and furniture. Uniply, headquartered in Mumbai has presence across major Indian cities such as Delhi, Pune, Bangalore, Chennai, Hyderabad and Ahmedabad. The company also has international presence in Dubai and Malaysia.

The survey prepared by Chief Economic Adviser Krishnamurthy Subramanian is likely to flag headwinds that the economy might face in its pursuit to become the world’s fifth largest economy.

It is also likely to detail reforms road map needed to fulfil Modi’s goal of more than doubling the size of the economy to $5 trillion by 2024.

The survey, which traditionally has chapters on macro economy as well as industry and different sectors and the outlook, will come a day ahead of Finance Minister Nirmala Sitharaman presents the first budget of the Modi 2.0 government.

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