Taking Stock | Market gains over 1% on Economic Survey takeaways, next stop Budget

Taking Stock | Market gains over 1% on Economic Survey takeaways, next stop Budget

Indian equity benchmark indices erased losses of the previous two sessions to close a percent higher on January 31, the day the annual Economic Survey, released on the Budget eve, pegged the FY23 GDP forecast between 8 and 8.5 percent.

After a positive opening, the market extended the gains in the afternoon trade, with the Nifty crossing 17,400 ahead of the Union Budget for the financial year 2022-23 which would be presented by Finance Minister Nirmala Sitharaman on February 1.

At close, the Sensex was up 813.94 points or 1.42 percent at 58,014.17, and the Nifty was up 237.80 points or 1.39 percent at 17,339.80.

"Taking positive cues from global markets and favourable takeaways from the Economic Survey report, the market rallied ahead of the Budget Day with all major sectors in the green," said Vinod Nair, Head of Research at Geojit Financial Services.

"The major macro indicators of the survey gave confidence that the country is well placed to face future challenges with GDP growth for FY23 projected at 8-8.5 percent."

Global markets turned positive, backed by gains in the US market as investors ignored geopolitical disturbances and turned their eye towards strong earnings numbers from tech firms, he added.

Also Read: Economic Survey