Markets scale new highs on Economic Survey boost



Benchmark Sensex zoomed 233 points to end at yet another record high on Monday after the Economic Survey said India will re-establish itself as the world’s fastest growing major economy with GDP expanding by 7-7.5 per cent in 2018-19.

The beginning of February derivatives contracts and unabated foreign fund inflows amid a higher opening of European markets added to the optimism, brokers said.

The 30-share barometer, after opening on a strong footing on optimistic buying by participants, gathered momentum to touch an all-time high of 36,443.98.

However, it shed some ground on profit-booking, before finally finishing at 36,283.25, up by 232.81 points, or 0.65 per cent — surpassing its previous record closing of 36,161.64 hit on January 24. The 50-share NSE Nifty too closed at a fresh life high of 11,130.40 points, up 60.75 points, or 0.55 per cent.

It broke its previous closing record of 11,086 reached on January 24.

The Economic Survey for 2017-18 said the GDP will grow on the back of major reforms which would be strengthened further in the next financial year.

The pre-budget survey pointed out that India can be rated as among the best performing economies in the world as the average growth during last three years is around 4 percentage points higher than global growth and nearly 3 percentage points higher than that of emerging markets and developing economies.