MUMBAI: Benchmark indices the BSE Sensex and NSE Nifty snapped a three-day losing streak on Friday on account of buying in frontline blue chip counters, taking cues from Asian counterparts.

3.30 pm: Sentiments also got a boost after the Economic Survey said the government will likely meet its FY16 fiscal deficit target of 3.9 percent, while at the same time it also indicated that India’s long run potential GDP growth is substantial, about 8 to 10 percent.

Sensex closed 178.30 points up at 23,154.30, while Nifty settled 59.15 points up at 7,029.75.

2.51 pm: Quick Heal shares were trading 7.67 percent down at Rs 195. Shares of the software provide got listed on BSE and NSE on February 18 at issue price of Rs 321. Sensex was trading 227 points up at 23,203. Nifty was up 75.25 points at 7,045.

2.20 pm: Sensex was up 209 points at 23,185. Meanwhile, Gujarat Gas informed that PPG Sarma, CEO of the Company, has tendered his resignation from the service of the company. He will be relinquishing his charge on March 01, 2016 after office hours. Nitin Patil, executive director-technical & HSE will assume the charge of the office of the chief executive office with effect from March 02, 2016, as in-charge CEO of the company. Shares of Gujarat Gas were trading 1.13 percent down at Rs 493.55.

1.56 pm: Ashoka Buildcon has received Letters of Acceptance (LoA) for the projects floated by State Highways Authority of Jharkhand. The company has received LoAs for construction, rehabilitation and two laning with paved shoulders of Govindpur – Tundi – Giridih Road in the State of Jharkhand and for construction, rehabilitation and two laning with paved shoulders of Dumka – Hansidha Road in the State of Jharkhand. The accepted bid value of the projects is Rs 401.59 crore. These Projects will be funded by Asian Development Bank (ADB). Shares of Ashoka Buildcon were trading 0.03 percent up at Rs 179. Sensex was up 215 points at 23,191.

1.22 pm: Asian peers edged higher on Friday on the back of sharp overnight gains on Wall Street, while recovery in global crude oil prices also aided sentiment. Sensex was up 171 points at 23,147.

1.15 pm: Bond yields trade lower on Friday as investors got support after the Reserve Bank of India (RBI) announced a $1.75 billion bond purchase and said it would not allow debt issued by state governments as part of a bailout scheme for power companies to hit markets.

12.58 pm: Sensex was trading 173 points up at 23,149. Nifty was up 57.60 points at 7,028.20. The Economic Survey also talks about inflation, saying that the increase in wages from the rollout of the 7th Pay Commission will have little impact on prices. Meanwhile, investors remained cautious on report that foreign portfolio investors (FPIs) sold shares worth a net Rs 1466 crore on February 25, 2016. Besides, depreciation in rupee against dollar also weighed down sentiments. Indian rupee gave up its initial gains against the dollar and was trading down by 5 paise at 68.77 due to month-end demand for the greenback from importers.

12.25 pm: Sensex surged over 100 points after the Economic Survey said that Indian equity markets are relative resilient compared to other major emerging market economies. Nifty was trading 31.85 points 7,002.

12.14 pm: Increase in wages recommended by the 7th Pay Commission not likely to destabilise prices, will have little impact on inflation. Sensex was trading 68.54 points up at 23,044. Nifty was trading 21.40 points up at 6,992.

12.11 pm: According to the Economic Survey, India’s long run potential GDP growth is substantial, about 8 to 10 percent.

12.00 pm: Sensex was trading 70 points up at 23,046. Meanwhile, govt tabled Economic Survey in the Parliament. GDP growth for FY 16 seen at 7-7.5 percent.

11.37 am: Sectorwise, the BSE Telecom index was trading down by 0.84 percent, followed by Auto index (down 0.32 percent) and Power index (down 0.24 percent). On the other hand, BSE Consumer Durables index and BSE Capital Goods index were up 0.61 percent and 0.42 percent, respectively. Sensex was up 63 points at 23,039. Nifty was trading 19 points up at 6,990.70.

11.10 am: Chembond Chemicals shares gained over 2 percent on inking JV agreement with I-Chem Solution. Chembond Chemicals has signed a Joint Venture (JV) agreement with I-Chem Solution Sdn Bhd, Malaysia, operating in the water treatment solutions business, to serve water treatment market. The company would own 51 percent of the equity in the Joint Venture with the balance being held by I-Chem Solution Sdn Bhd. Sensex was trading 95 points up at 23,071.

10.59 am: Sensex was trading 80 points up at 23,055.

10.52 am: Meanwhile, Jayant Manglik, president, retail distribution, Religare Securities, said, “The Economic Survey report on Friday will help investors to get some cues ahead of the Union Budget.” On a year-to-date basis, the BSE Sensex tanked over 12 percent to 22,976 on Feb 25.

10.17 am: Railway-related companies shares such as Titagarh Wagons and Kalindee Rail Nirman nosedived 14.07 percent and 12.64 percent to Rs 97.60 and Rs 108.50 after the Rail Budget failed to enthused investors. Sensex was trading 69 points down at 23,045. According to Reliance Securities, the Railway Budget for 2016-17 showed its thrust towards investments, however, it is going to be a challenging task for Railway minister given the 7th Pay Commission, which has put an additional burden of Rs 28,500 crore and lower nominal GDP growth forecast.

10.13 am: Coal India shares were trading 1.39 percent up at Rs 303.65. Coal India (CIL) is planning to increase its coal production to 1,000 million tonne (mt) in the next four years through the use of latest environment-friendly technology. The estimated production planned by CIL during 2019-20 is 908.10 mt.

10.08 am: Sensex was up 91 points at 23,067. Nifty was trading 35.70 points up at 7,006. Brokers said optimistic buying by participants and domestic funds ahead of the Economic Survey due on Thursday and the Budget on Monday came as a big positive.

9.45 am: The rupee recovered 7 paise to 68.65 against the U.S. dollar in early trade at the Interbank Foreign Exchange market on selling of the U.S. currency by exporters and banks amid a higher opening in the domestic equity market. Sensex was trading 136 points up at 23,112. Nifty was up 47.90 points at 7,019.20.

9.16 am: Sensex surged 247 points to 23,223.20 on the back of firm global markets. Nifty was trading 74.40 points up at 7,045.

9.15 am: Sensex opened 165.08 points up at 23,141.08, while Nifty 50 index opened 68.70 points up at 7,039.30. United spirits shares were trading over 5 percent in the early trade.

8.39 am: Domestic equity markets are likely to open higher on Friday tracking Nifty futures on the Singapore Stock Exchange (SGX Nifty) and firm global markets.

At 8.23 am (IST), SGX Nifty was trading 58 points, or 0.82 percent, up at 7,070.

Asian markets were also trading higher in the morning trade on Friday as a gathering of world finance leaders provided a welter of reassuring comments, but little in the way of actual policy stimulus. Hang Seng, Nikkei and Shanghai were up by 1.66 percent, 1.19 percent and 0.75 percent, respectively.

On Wall Street, the Dow rose 1.29 percent, while the S&P 500 added 1.14 percent and the Nasdaq 0.87 percent. Data showing a 4.9 percent rebound in U.S. durable goods orders underpinned the better mood.

Back home, the rail budget failed to calm the nerves of jittery investors amid a continuing sell-off for the third day as the benchmark Sensex on Thursday lost nearly 113 points to close below the psychological 23,000-mark.

The NSE Nifty was no better as it went below the crucial 7,000-level by falling 48.10 points, or 0.69 percent, to close at 6,970.60.

Shares of United Spirits will remain in focus on Friday. Liquor baron Vijay Mallya on Thursday quit as chairman of United Spirits — a company set up by his family but now controlled by global liquor giant Diageo – and would shift to UK even as his group firms fight the ‘wilful defaulter’ tags given by lenders.

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Short-Coverings, Asian Cues Swell Markets