Sensex jumps over 200 pts ahead of Economic Survey; Nifty holds 12K

Market benchmark Sensex jumped over 200 points in the opening session on Friday ahead of the release of the government's Economic Survey later in the day. The 30-share BSE index was trading 168.91 points or 0.41 percent higher at 41,082.73, and the broader NSE advanced 39.35 points, or 0.33 percent, to 12,075.15.

In the previous session, Sensex settled 284.84 points, or 0.69 percent, lower at 40,913.82, and Nifty closed 93.70 points, or 0.77 percent, down at 12,035.80. Meanwhile, on a net basis, foreign institutional investors sold equities worth Rs 962.28 crore, while domestic institutional investors purchased shares worth Rs 292.35 crore on Thursday, data available with stock exchanges showed.

Kotak Mahindra Bank was the top gainer in the Sensex pack, rallying over 4 percent after private sector lender said it will withdraw a case concerning dilution of promoters' shareholding in the bank which it had filed against the RBI in the Bombay High Court. Bajaj Auto, IndusInd Bank, M&M, Hero MotoCorp, Bajaj Finance, and Bharti Airtel were also trading on a positive note.

On the other hand, PowerGrid, ONGC, HCL Tech, NTPC, and TCS were in red. According to analysts, the market is now focused on the Economic Survey and the Union Budget, with high expectations of further stimulus to the economy.

Recovery global markets too buoyed investor sentiment here, traders said. Bourses in Hong Kong, Japan, and South Korea were trading with mild gains, while markets in China remained closed.

Benchmarks on Wall Street ended on a tepid positive on Thursday. Brent crude oil futures rose 1.88 percent to USD 58.41 per barrel.

The rupee appreciated 12 paise to 71.45 against the US dollar in the morning session.