The Economic Survey 2015-16 says that despite volatility in global financial markets, the Indian equity market has been relatively resilient during this period compared to the other major emerging market economies. The market has rebounded time and time again, and it is hoped that as the global financial market settle down, India can become the leading investment destination owing to its robust macroeconomic fundamentals.
Meanwhile, Sensex on Friday broke its three days of losing spell by gaining over 178 points. The index regained the psychological 23,000-mark. For the week, the Sensex declined 554.85 points, or 2.34 per cent, and the Nifty 181 points, or 2.51 per cent. The beginning of March derivatives contracts and positive global cues made investors more confident.
Early on, the 30-share barometer recaptured the 23,000 level, but soon succumbed to profit-booking before closing higher by 178.30 points, or 0.78 per cent, at 23,154.30. The gauge had lost 812.79 points in the previous three sessions. At the close, the broader NSE Nifty was above the key 7,000-mark at 7,029.75, up 59.15 points, or 0.85 per cent, .
During today’s session, the Nifty shuttled between 7,052.90 and 6,985.10. The Survey estimated growth at 7-7.75 per cent for the next fiscal while pressing for more reforms, subsidy cuts and sticking to the fiscal consolidation plan.
During April-November, FDI into the country rose 31 per cent to $24.8 billion, the Survey added, which lifted sentiment. Meanwhile, rupee gave up its initial gains against the dollar by trading down 3 paise at 68.75, following month-end demand for the greenback from importers.