The BSE Sensex and NSE Nifty50 index are likely to open on a positive note on Tuesday tracking SGX Nifty, GDP data and movement of Asian markets. (Photo: Reuters)
The BSE Sensex and NSE Nifty50 index are likely to open on a positive note on Tuesday tracking SGX Nifty, GDP data and movement of Asian markets. India’s economic growth accelerated to 7.4 per cent in the July-September quarter, overtaking China as the world’s fastest growing major economy, on pick up in manufacturing, mining and services sectors.
The signs of recovery in the GDP, from a growth rate of 7 per cent in the previous quarter ended June 30, follows a series of rate cuts announced by the RBI in recent months and bolstered the case for the central bank to hold onto its rate at its scheduled monetary policy review meeting on Tuesday.
At 8.23 am (IST), SGX Nifty was up 13 points, or 0.16 per cent, at 7,992.50.
Asian shares were higher on Tuesday, shrugging off a Chinese factory survey that did little to ease persistent concerns about cooling growth in the economy, while a private survey showed a hint of stabilisation. Hang Seng, Nikkei and Shanghai were up 1.40 per cent, 1.01 per cent and 0.09 per cent, respectively.
Back home, equity markets showed a volatile trade on Monday, though the major bourses managed to keep their head in green for most part of the day and closed on a flat note. The BSE Sensex ended 17.47 points up at 26145.67, while Nifty50 index closed 7.45 points down at 7935.25.
(With inputs from agencies)
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