Markets extend gains; Sensex up 150pts

The Sensex has moved north with the BSE benchmark index adding 152 points at 17,785 and the Nifty gained 63 points at 5,325.

The Economic Survey by the finance ministry today gave a series of economic forecasts and recommendations, ahead of the annual budget  which will present on February 28. Apart from the higher GDP forecast of 8.75- 9.25% for FY12, the survey also suggested that Agriculture is likely to grow at 5.4% in FY11. On the fiscal deficit front, the expectation is that the FY11 gross fiscal deficit will be at 7.3% of the GDP.
_______________________________________

(Updated at 1218 hrs)
The markets have gained strength after the Economic Survey projected GDP growth at 8.75- 9.25% for FY12 which was higher than expected.  The Sensex is up 93 points at 17,724 and the Nifty has surpassed the 5300 levels. The railway budget too is underway.

The broader markets continue to underperform. The smallcap index is up 0.2% and the midcap index has added 0.1% as compared to the benchmark index at 0.5%

Among the sectoral indices, Bankex and FMCG are up 1% each. Consumer Durables, Health Care and PSU are the other sectoral gainers. Meanwhile, Metal down 1% is the top loser along with IT index.

Tata Motors, ICICI Bank up 3% each are teh top gainers on the Sensex followed by SBI, ITC, Jaiprakash Associates, Wipro and Cipla gaining 1% -2%

Hindalco down nearly 4% is the top loser among the Sensex-30 stocks. Tata Power, Reliance Infrastructure, Sterlite and Mahindra & Mahindra shedding 2% each are the other noteable losers.

The market breadth is positive. Of the total 2697  stocks traded on the BSE, 1391  stocks have advanced while 1189  have declined.