Indian shares extended gains in the afternoon session on Thursday after the Economic Survey 2018-19 projected that economic growth in the current fiscal year could rise to 7.0 percent.

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The government pegged the growth rate for the current fiscal at 7 percent, marginally up from the five-year low of 6.8 percent recorded in the previous fiscal.

The survey, an annual report on the health of the economy, was released the day before Finance Minister Nirmala Sitharaman presents the budget statement.

At 1:10PM, the benchmark BSE Sensex was up 74.36 points, or 0.19 percent, at 39,914.82, and the Nifty 50 was trading 31.40 points, or 0.26 percent, higher at 11,948.20. The Nifty midcap and smallcap indices gained 0.25 percent and 0.60 percent, respectively.

Among the sectoral indices, realty and PSU banking space rose while pharma and metal sectors led losses.

UPL, Indiabulls Housing Finance, Bharti Airtel, Tata Motors and IndusInd Bank were among the major stock gainers. Titan, HCL Technologies, Bharti Infratel, BPCL and Coal India were the top losers.

Shares of Vodafone Idea surged 10 percent after Bank of America Merill Lynch’s report said that the telecom minister Ravi Shankar Prasad has set up a committee to look into the rationalization of levies.

McLeod Russell's share price fell 4.90 percent on Thursday after ratings agency ICRA downgraded the company's long-term and short-term borrowings.

In an exclusive interview with CNBC TV18, Sampath Reddy, CIO of Bajaj Allianz Life Insurance said that the Nifty could deliver 12-15 percent returns going forward.

Meanwhile, Asian shares remain mixed amidst the expectations of another US Federal rate cut at its upcoming July meeting.

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