Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

India Stocks Retreat From Record Ahead of Economic Growth Report

Published 29/11/2019, 04:29
Updated 29/11/2019, 05:16
India Stocks Retreat From Record Ahead of Economic Growth Report

India Stocks Retreat From Record Ahead of Economic Growth Report

(Bloomberg) -- India stocks fell, retreating from a third record-high close this week, ahead of a report due later Friday that’s expected to show the economy expanded at the slowest pace in more than six years.

The S&P BSE Sensex Index declined 0.5% to 40,928.90 as of 9:56 a.m. in Mumbai. The measure is set for a third straight month of gains, the longest such streak since May. The NSE Nifty 50 Index also lost 0.5% Friday.

Asia’s third-biggest economy probably grew 4.5% in the three months through September, according to economists in a Bloomberg survey. The report is due after market hours. Among measures in recent months aimed at reversing the slowdown, the government has cut taxes and plans to set aside funds to help troubled industries, while the central bank is expected to deliver another rate cut on Dec. 5 to help bolster liquidity.

Strategist View

“Stocks could fall if GDP growth comes in below 5%,” said Sanjiv Bhasin, an analyst at IIFL Securities Ltd. in Mumbai. “The series of new highs that have been set recently mean that investors will buy into any decline very quickly.”

The Numbers

  • Ten of 19 sector sub-indexes compiled by BSE Ltd. fell, led by a gauge of metal companies.
  • Twenty-three of 31 Sensex shares fell, while eight gained.
  • Reliance Industries Ltd. contributed the most to the index decline, with a 0.8% fall; Tata Steel Ltd. was the biggest loser, slipping 1.4%; Bharti Airtel Ltd. added 1.4% and was the biggest boost; Yes Bank Ltd.’s 4.4% gain was the biggest; the lender is poised to outline fund-raising plans.
Related Stories

  • BNP, Credit Suisse (SIX:CSGN) Skeptical on Record-Breaking India Stocks
  • India Braces for Shock GDP as Modi Scrambles to Spur Economy
  • Troubled Yes Bank Poised to Outline Crucial Fund-Raising Plans
  • India’s Public Spending to Head Off Growth Slowdown: Economics

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.