India's economy is anticipated to be around 5.5 per cent in 2014-15, as per a report from finance ministry report. It was also reported that there may not be any interest rate cuts until the first quarter of the next year.

PSU banking stocks were trading slightly lower after the reports.

Markets initially reacted after the reports and gave up a little gains only to see value buying emerge again at lower levels. The Sensex was last trading at 27,433 points, up 306 points over Thursday's close.

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