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Sensex gains 178 points

By The Assam Tribune

MUMBAI, Feb 26 - Market racked up gains after three sessions of losses as the benchmark BSE Sensex recouped 178 points, taking comfort from the Economic Survey which, coming ahead of the Union Budget, projected that the economy will grow at 7-7.75 per cent in 2016-17.

For the whole week, the gauge declined 554.85 points, or 2.34 per cent, and the Nifty 181 points, or 2.51 per cent.

The relief rally helped the index retake the psychological 23,000-mark.

The indices last week had posted their best weekly performance since October.

The beginning of March derivatives contracts helped while global cues turned positive after leaders who gathered in Shanghai for the G20 meeting tried to soothe market nerves, saying all is well.

The 50-share NSE Nifty ended 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.

Early on, the 30-share barometer took back 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.

Housing finance stocks gained on expectations of favorable announcements for the sector in the Union Budget 2016-17 to be announced early next week. � PTI

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