Solid Q3 GDP data drives Sensex 400 points higher, Nifty above 22,100
Indian equity indices traded with gains on Friday, as faster-than-expected domestic economic growth and in-line U.S. inflation data boosted sentiment.
The BSE Sensex was trading 405 points or 0.56% lower at 72,905. Nifty50 was trading at 22,119, up 139 points or 0.63% at around 9.20 am.
From the Sensex pack, Tata Steel, M&M, Tata Motors, Maruti, JSW Steel, and Power Grid opened with gains, while Sun Pharma, Infosys, Nestle India and HUL opened with cuts.
Indian economy grew 8.4% in the October-December quarter, the fastest pace in six quarters and also above estimates, aided by robust manufacturing and construction activity, data showed post-market hours on Thursday.
Among individual stocks, CG Power surged 10% after the Union Cabinet cleared setting up a chip plant in Sanad, Gujarat in collaboration with Renesas (Japan) and Stars Microelectronics, Thailand.
Dilip Buildcon shares rose 5% after the company's unit received an order worth Rs 1,955 crore from National Highways Authority of India for a construction project in Chhattisgarh.
On the sectoral front, Nifty Auto rose 1.2% as companies scheduled to report February sales data. Nifty Metal, PSU Bank, and Oil & Gas also surged over 1% each. In the broader market, Nifty Midcap100 gained 0.56%, and Nifty SMallcap100 rose 0.74%.
Experts Take
«The main factor influencing the market today is likely to be the better-than-expected Q3 GDP growth number which has come at an impressive 8.4%. The impressive GDP numbers provide the fundamental support to the bull
