Sensex, Nifty fall ahead of GDP data; Vodafone
Indian shares fell on Friday after two days of strong gains as markets awaited the release of March-quarter GDP figures later in the day, while US-China tensions further dampened sentiment.
Gross domestic product (GDP) data is expected to show India’s economy grew at its slowest pace in at least two years, as the Covid-19 pandemic hit already declining consumer demand and private investment.
The NSE Nifty 50 index was down 0.76% at 9,418.30 by 0350, while the S&P BSE Sensex fell 0.86% to 31,924.13. The Nifty 50 had gained 5.1% over the past sessions led by a rally in beaten-down banking stocks.
Shares in Vodafone Idea Ltd jumped 9.5% after a report that Google was eyeing a stake in the telecom firm.
IT services firm Wipro Ltd’s shares were up about 1% after it named a new chief executive officer and managing director. The broader Nifty IT index was down 1.3%.