SGX Nifty indicates a positive opening for Sensex, Nifty
India's real GDP grew by 20.1% in the April-June quarter of the fiscal year 2021-22, a record quarterly print on the back of low base.
Trading of Nifty 50 index futures on the Singapore stock exchange indicates that the Nifty could rise 20 points at the opening bell.
India’s real gross domestic product (GDP) grew by 20.1% in the April-June quarter of the fiscal year 2021-22, a record quarterly print on the back of a low base last year, data released on August 31 showed. GDP contracted by 24.4% in the April-June quarter in FY2021 as the country went into a lockdown to curb the spread of the coronavirus.
The output of eight core sectors grew by 9.4% in July, mainly due to a low base effect and uptick in production of coal, natural gas, steel, cement and electricity, official data showed on Tuesday.
Global markets
Overseas, Asian stocks are trading mixed on Wednesday, as a private survey showed shrinking Chinese factory activity in August. The Caixin/Markit Manufacturing Purchasing Managers’ Index (PMI) fell to 49.2 last month, from 50.3 in July, breaching the 50-mark that separates growth from contraction.
U.S. stocks ended slightly lower Tuesday as investors looked ahead to U.S. jobs data for August coming Friday, where they might find clues as to when the Federal Reserve may begin tapering its bond purchases which have helped to support markets during the pandemic.
The Conference Board said its closely followed index of consumer confidence slid to a six-month low at 113.8 this month from a revised 125.1 in July, reflecting concerns about the spread of the delta variant of the coronavirus that causes COVID-19. In other U.S. economic data, the Chicago purchasing managers index dropped to 66.8 in August from a previous reading of 73.4. And home prices rose 18.6% annually in June, up from a 16.8% increase in May, according to the S&P CoreLogic Case-Shiller national home price index.
Domestic markets
Back home, domestic equity benchmarks hit record high levels for the second straight session on Tuesday, boosted by Bharti Airtel and Bajaj twins. Positive Asian cues also boosted sentiment. The barometer index, the S&P BSE Sensex, soared 662.63 points or 1.16% at 57,552.39. The Nifty 50 index surged 201.15 points or 1.19% at 17,132.20.
Foreign portfolio investors (FPIs) bought shares worth Rs 3,881.16 crore, while domestic institutional investors (DIIs), were net sellers to the tune of Rs 1,872.40 crore in the Indian equity market on 31 August, provisional data showed.