Sensex, Nifty Recover After Early Slide
(RTTNews) - Indian shares recovered from an early slide to end on a positive note Tuesday, as oil extended losses on demand concerns and the International Monetary Fund sounded bullish on India's growth prospects, saying that the country is a bright spot in an otherwise gloomy global backdrop.
The Economic Survey 2022-23 tabled in Parliament earlier today has projected a GDP growth rate in the range of 6 to 6.8 percent for the next fiscal 2023-24 (FY24).
Global cues were subdued as investors avoided making big decisions ahead of key central bank meetings this week including a two-day policy meeting of the Federal Reserve that gets underway later today.
The benchmark S&P/BSE Sensex swung between gains and losses before ending the session up 49.49 points, or 0.08 percent, at 59,549.90.
The broader NSE Nifty index settled 13.20 points, or 0.07 percent, higher at 17,662.15 as the Follow-On Public Offering (FPO) of Adani Enterprises got fully subscribed on the final day of the subscription.
Adani Ports, UltraTech Cement, Power Grid Corp, Mahindra & Mahindra and SBI all rose around 3 percent in the Nifty pack, while HDFC Life, Britannia Industries, Tech Mahindra, TCS and Bajaj Finance fell 1-2 percent.
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