Market report: Sensex up by 210 points on bullish growth projections of Economic Survey

The benchmark Sensex jumped over 210 points after the Economic Survey projected the Indian economy to grow at 7 per cent to 7.75 per cent in 2016-17, which could accelerate to 8 per cent in a couple of years.

The 30-share barometer opened on a higher note and retook the 23,000-level on optimistic buying, but soon succumbed to profit-booking and gave up part of its early gains.

It was trading at 23,185.59 at 1407 hours, up 209.59 points, or 0.91 per cent, after the Economic Survey was tabled in Parliament.

The lift came from gains mostly in Coal India, SBI, Axis Bank, L&T, NTPC, HDFC Ltd, Cipla, HDFC Bank, RIL and Tata Motors. The NSE Nifty climbed 71.65 points, or 1.03 per cent, to quote at 7,042.25.

The Survey, which positively influenced market sentiment, has estimated GDP growth of 7% to 7.75% in 2016-17 as against 7.6 per cent for the current fiscal.

-PTI