Stocks

Indian shares open lower ahead of GDP data

Reuters Bengaluru | Updated on May 31, 2021

The NSE Nifty 50 index shed 0.34 per cent to 15,381.35 while the benchmark S&P BSE Sensex slipped 0.43 per cent to 51,188.99

Indian shares opened lower on Monday as investors awaited gross domestic product data for thefourth quarter, with economists being pessimistic after a harsh second wave of Covid-19 hit the country last month.

The NSE Nifty 50 index shed 0.34 per cent to 15,381.35 by 0401 GMT, while the benchmark S&P BSE Sensex slipped 0.43 per cent to 51,188.99.

The Nifty 50 index closed at a record high on Friday, with both the indexes posting weekly gains of around 2 per cent each.

Also read: Markets may open flat as bulls likely to take a breather

India’s statistics ministry will announce the GDP data at 1200 GMT, with economists saying the country’s economic growth likely picked up in the January-March quarter from the previous three months, but expressed pessimism about this quarter after a harsh second wave of Covid-19 hit the country last month.

Mortgage lender HDFC Ltd and software services firm Infosys Ltd were the top drags to the Nifty 50, losing 1.48 per cent and 1.44 per cent, respectively.

Investors’ sentiment has improved in the recent days due to a steady decline in daily Covid-19 cases in India. Last week, the country reported its lowest daily rise of cases in more than a month.

In the broader Asian market, shares were trying to extend their recent rally to a third week in the hope that US jobs figures show the expected revival in hiring in May and keep the global recovery on track.

Published on May 31, 2021

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