Indian benchmark indices pared all the early losses to trade marginally lower during the noon trading session The Nifty traded above the 17,650 mark. European markets and their Asian peers, however, traded in the red.
Union finance minister Nirmala Sitharaman today tabled the Economic Survey 2023 in the Parliament. The government has projected that India will remain the fastest growing major economy in the world with a GDP growth forecast of 7% in FY23 and 6-6.8% in FY24.
The Survey further highlighted that the challenge to rupee depreciation persists with the likelihood of further interest rate hikes by the US Fed. CAD may continue to widen as global commodity prices remain elevated, economic growth momentum stays strong. Rupee may come under pressure if current account defict (CAD) widens.
At 14:45 hours, the 30-share benchmark index was trading at 59435.27 down by -65.14 points or by -0.11 % and then NSE Nifty was at 17627.95 down by -21 points or by -0.12 %.
Sensex touched intraday high of 59787.63 and intraday low of 59104.59 The NSE Nifty touched intraday high of 17735.7 and intraday low of 17537.55
The top gainers of the BSE Sensex pack were Mahindra & Mahindra Ltd. (Rs. 1379.65,+3.60%), State Bank of India (Rs. 551.40,+2.42%), Tata Motors Ltd. (Rs. 454.05,+2.37%), UltraTech Cement Ltd. (Rs. 7047.05,+2.35%), Power Grid Corporation of India Ltd. (Rs. 216.30,+2.15%), among others.
The top losers of the BSE Sensex pack were Mahindra & Mahindra Ltd. (Rs. 1012.80,-2.25%), Bajaj Finance Ltd. (Rs. 5888.00,-2.22%), Tata Consultancy Services Ltd. (Rs. 3360.75,-2.17%), Asian Paints Ltd. (Rs. 2733.00,-1.20%), Housing Development Finance Corporation Ltd. (Rs. 2617.50,-1.16%), among others.
PSU index was at 9724.8 up by 203.34 points or by 2.14%. Bharat Electronics Ltd. (Rs. 95.15,+6.97%), Rashtriya Chemicals & Fertilizers Ltd. (Rs. 119.55,+5.80%), Bank of Baroda (Rs. 167.35,+5.58%), BEML Ltd. (Rs. 1533.25,+5.28%), Indian Railway Finance Corporation Ltd. (Rs. 32.80,+5.13%),.
IT index was at 29576.15 down by -294.94 points or by -0.99%. Mahindra & Mahindra Ltd. (Rs. 1012.80,-2.25%), Tata Consultancy Services Ltd. (Rs. 3360.75,-2.17%), Cressanda Solutions Ltd. (Rs. 30.25,-1.94%), Coforge Ltd. (Rs. 4339.00,-1.73%), DiGiSPICE Technologies Ltd. (Rs. 21.10,-1.63%),.
The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 3804 , shares advanced were 2373 while 1264 shares declined and 167 were unchanged.