Equity market sheds gains ahead of Economic Survey

The key Indian equity indices reversed initial gains on Friday, ahead of the presentation of the Economic Survey for FY21, to trade in the red.

At 11.45 a.m., Sensex was trading at 46,836.03, lower by 38.33 points or 0.08 per cent from its previous close of 46,874.36.

Earlier in the day, it had surged over 500 points to touch an intra-day high of 47,423.66.

The Nifty50 on the National Stock Exchange was trading at 13,811.70, lower by 5.85 or 0.04 per cent from its previous close.

In the past few days, bears have weighed on the sentiments in the market tracking global cues along with heavy outflow of foreign institutional investments.

FIIs have sold scrip with net worth of around Rs 6,800 crore from the equity markets in the last four sessions, the longest exit spree since September.