Sensex closes 178 points higher, Nifty above 7,000 after Economic Survey

Mumbai: India’s stock markets posted their first daily gain in four sessions on Friday after a government report on the economy released days before the unveiling of the Union budget for fiscal year 2017 contained a few surprises.

The economic survey from the finance ministry called for fiscal prudence and stable inflation, while acknowledging the risks to growth, although it also called for a review of India’s medium-term fiscal strategy.

The broader NSE Nifty rose 0.85%, or 59.15 points, to close at 7,029.75 points after earlier gaining as much as 1.2%. The benchmark BSE Sensex gained 0.78%, or 178.30 points, to close at 23,154.30.

But the Nifty fell 2.5% this week as caution largely prevailed ahead of the Union budget to be presented on Monday.

Recently battered financial firms were among the leading gainers, with State Bank of India (SBI) ending up 2.7%.

Bombay Stock Exchange - BSE

National Stock Exchange of India Ltd (NSE)