Sensex pares early losses, turns flat after Eco Survey

Market benchmark Sensex pared most losses to trade marginally lower in afternoon session on Friday after the release of the government's Economic Survey which projected a GDP growth rate of 6 - 6.5 per cent for the next fiscal. Stating that growth has bottomed out, the Economic Survey projected India's economic growth at 6 per cent to 6.5 per cent in the next financial year starting April 1.

This compares to a projected 5 per cent expansion in 2019-20. After falling over 450 points from the day's high, the 30-share BSE index pared most losses to trade 6.61 points or 0.02 per cent lower at 40,907.21.

Similarly, the broader NSE was down 12.20 points, or 0.10 per cent, at 12,023.60. Kotak Mahindra Bank was the top gainer in the Sensex pack, rallying over 4 per cent, followed by IndusInd Bank, Bajaj Auto, Hero MotoCorp and Titan.

On the other hand, ONGC and PowerGrid tanked up to 5 per cent. HCL Tech, TCS, Sun Pharma and Reliance Industries were also in the red. Bourses in Hong Kong and South Korea were trading in the red, while Japan rose 1 per cent. Markets in China remained closed.

Brent crude oil futures rose 1.01 per cent to USD 57.91 per barrel. The rupee appreciated 21 paise to 71.36 against the US dollar in the morning session.