Sensex, Nifty fall ahead of GDP data; Vodafone

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.

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.

Indian equity indices opened in red on Friday. (Reuters File Photo)

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%.