Weak GDP rate drags Sensex and Nifty down

At 9.35 am, Sensex was trading 148.29 points up at 31,285.88, while NSE Nifty was trading 44.80 points up at 9,660.90. Hong Kong's Hang Seng up 0.45 per cent.

The Nifty inched lower by 5.15 points or 0.05 per cent to 9,616.10 points, while the Sensex closed at 31,137.59 points - down 8.21 points or 0.03 per cent. The company added, "This is significant as it marks the beginning of the approval process for filings made from the Moraiya manufacturing plant after successfully completing the USFDA audit from February 6th to 15th 2017 with zero 483 observations".

Back home, the S&P BSE Mid-Cap index provisionally rose 0.48 per cent, while the Small-Cap index advanced 1.02 per cent. "Top gainer in Nifty is Bharti Airtel, followed by Cipla, Hero MotoCorp and HDFC", Dhruv Desai, Director and Chief Operating Officer of Tradebulls, told IANS.

BSE Sensex, which had lost 21.81 points in the past two sessions, bounced back by 194.97 points and the 50-share NSE Nifty recovered by 57.40 points. Meanwhile, other Asian stock markets edged up on Friday and the dollar bounced from recent lows as upbeat data on United States manufacturing and employment and buoyant European factory growth boosted investor optimism.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth Rs 1,048.93 crore, while domestic institutional investors (DIIs) sold shares worth a net Rs 939.54 crore yesterday, as per provisional data.

Asian cues were mixed with Shanghai Composite Index falling 0.40 per cent, while Japan's Nikkei up 0.04 per cent in early trade. Total two-wheeler sales during the month increased 15.6 per cent to 2,75,426 units.

Adani Power plans to consider slump sale of Mundra Power Generation unit on June 6 and its shares may react to this development.

  • Zachary Reyes