Sensex, Nifty rise ahead of GDP data; IT stocks gain

Sensex, Nifty rise ahead of GDP data; IT stocks gain

Indian shares rose marginally on Tuesday ahead of growth data that is expected to show the country’s economic recovery strengthened in the second quarter, buoyed by a pick-up in consumer spending.

The blue-chip NSE Nifty 50 index was up 0.75% at 17,180.70 by 9:23 am, while the benchmark S&P BSE Sensex rose 0.8% to 57,715.49.

India’s statistics ministry will announce gross domestic product (GDP) data at 1200 GMT, and economists have projected the data will show 8.4% year-on-year growth in the July-September period, according to a Reuters poll last week.

The spread of the new Omicron coronavirus variant, however, continues to weigh on the markets as health authorities tighten testing at airports and review plans to ease travel curbs.

Among major sub-indexes, the Nifty IT index was the biggest gainer, rising over 2% in early trade.

Reliance Capital, however, fell 5% to touch its lower circuit of 18.10 rupees, after India’s central bank said on Monday it would initiate bankruptcy proceedings against the non-banking financial company, superseding its board on governance concerns.

Globally, investors became cautiously optimistic that the Omicron variant might not cause a widespread global economic disruption, with Asian shares trading in positive territory and the U.S. saying new lockdowns were off the table.

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