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| Edited By: Sachin P Mampatta |Source: DNA |Updated: Mar 16, 2018, 05:08 AM IST
The release of the economic survey and the ever-present global cues dictated the trend in markets on Thursday.
The economic survey is an exercise by the government to determine the state of the Indian economy. Problems are identified and solutions are proposed although it is not necessary that all that is proposed in the survey finds its way into the budget.
A number of suggestions regarding the markets have been suggested in the survey such as allowing High Networth Individuals to invest directly in the capital markets in a regulated fashion, and tips to develop the debt markets.
However, the markets response to them seemed to be lukewarm with the Sensex gaining 13.02 points or 0.09% by the end of day’s trade to end the day at 14,658.49.
“The market knows that the budget and the economic survey don’t often meet. The regional and the global markets fell at the same time that the economic survey came out. This might have affected the market more than the survey itself,” said Sandeep Nanda, Chief Investment Officer at Bharti Axa Life Insurance
The metal index was the top gainer of the day closing 3.26% above its previous close. The PSU and the Realty indices went up by 1.95% and 1.55% respectively. Auto and Capital Goods were the losers of the day, dropping by roughly one percent each.
The Nifty was up by 7.95 points, or 0.18% to end the day’s trade at 4348.85.
Gail (closed at Rs.310.40) and ONGC (closed at 1126.60) were the top gainers of the day going up by 7.83% and 7.13% respectively.
The top losers were BHEL (down to Rs.2153.55) going down 2.75% and Bharti Airtel (down to Rs.803.10) losing 2.57%.
There were 24 advances and 25 declines among the fifty stocks that comprise the Nifty.
“The markets have been reasonably resilient despite the run up. Now markets will be anticipate the budget and post-that the quarterly earnings,” said Sandeep Nanda.
