The S&P BSE Sensex and NSE Nifty 50 indexes gave up intraday gains ahead of presentation of the Economic Survey by the Chief Economic Adviser (CEA) Krishnamurthy Subramanian. The Sensex fell as much as 685 points from the day’s highest level and Nifty 50 index briefly fell below 13,800.
As of 11:56 am, the Sensex was down 28 points at 46,845 and Nifty fell 7 points to 13,810.
Government is likely to predict economic growth of 11 per cent in the fiscal year beginning April 1 in its annual economic survey later on Friday, news agency Reuters reported citing a source.
The Economic Survey is expected to dwell on the progress made by the Indian economy in the previous year and also present forecasts on the year ahead, in light of the fact that novel coronavirus pandemic-triggered lockdown battered the economy in the year 2020.
Meanwhile, on Dalal Street gains in HDFC Bank, ICICI Bank, Reliance Industries and Bajaj Finance were offset with losses in Infosys, TCS, Axis Bank and Maruti Suzuki.
Eight of 11 sector gauges compiled by the National Stock Exchange were trading higher led by the Nifty Private Bank index’s nearly 1 per cent gain. Banking, financial services, metal and realty shares were also witnessing buying interest.