Indian equity benchmark -- Nifty -- ended Friday’s trading session with marginal gains ahead of Lok Sabha exit polls. After making a gap up opening, soon index trimmed initial gains but traded in green, as sentiments got boost after the Reserve Bank of India (RBI), in its annual report, projected Indian economy to grow at 7 percent in the current financial year with risks evenly balanced. Further, the report said India' GDP has expanded at a robust pace in 2023-24, with real GDP growth accelerating to 7.6 percent from 7 percent in the previous year - the third successive year of 7 percent or above growth.
In afternoon session, index traded near day’s high point, as traders ignored the Reserve Bank's annual report showing that the number of frauds in the banking sector went up to 36,075 in 2023-24 year-on-year, but the amount involved reduced by 46.7 per cent to Rs 13,930 crore. Traders took note of report that Finance minister Nirmala Sitharaman said the Modi government has turned around the banking sector through various reforms and improved governance which has led to banks recovering more than Rs 10 lakh crore from bad loans between 2014 and 2023. She said the Enforcement Directorate has investigated around 1,105 bank fraud cases, which resulted in the attachment of Rs 64,920 crore worth of proceeds of crime. But soon, index slipped near neutral line to end with marginal gains.
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