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Benchmark share indices were up over 1% each ahead of the key economic data due for release later today. The government will announce the second quarter GDP and fiscal deficit for Apr-Oct.
At 12:30PM, the 30-share Sensex was up 239 points or 1.2% at 20,774 and the 50-share Nifty was up 78 points or 1.3% at 6,170.
The Gross Domestic Product (GDP) is likely to have grown sub-5% for the fourth straight quarter in the July-September of the current financial year, prolonging the wait for economic recovery.
The Q2 GDP data will be released in the evening today. The GDP is likely to grow in the range of 4.4-4.8%, according to projections made by various independent economists and research firms.
According to a Reuters poll of 40 economists, the economy grew 4.6% in the July-September period this financial year.
It was on the back of improved manufacturing activity and good monsoon in this quarter that the economy may have grown better than a four-year low of 4.4% in the previous quarter.The rupee today pared most of its early gains and was trading marginally up at 62.38 against the dollar compared to its previous close of 62.41. On Thursday, the local currency had lost 27 paise to close at 62.41 yesterday due to month-end demand from oil importers for the US currency, which strengthened in the overseas market.
Asian stocks retreated from their highs after investors turned cautious and booked profits after recent gains. The Hang Seng was up 0.2% while Shanghai Composite was trading flat with positive bias. Straits Times and Nikkei were 0.3-0.6% each.
The BSE Bankex was the top gainer among the sectoral indices on the BSE, up 2.1% followed by Realty, Metal, FMCG, Power, Oil and Gas, Consumer Durables indices up 1-1.7% each.
ICICI Bank was up 2.5%, HDFC Bank gained 1.6%, SBI rose 3% and HDFC was up 1.4% contributing the most to the Sensex gains.
Among the index heavyweights, ITC, Infoys and Reliance Ind were up 0.8-1.8% each.
Wipro and Tata Motors were the only losers in the Sensex pack.
Among other shares, Shares of Alstom T&D India has soared 7% to Rs 187, extending its previous day’s 6% rally, as the institutional placement programme (IPP) issue of the company opened for subscription today.
In the broader market, the BSE Mid-cap and Small-cap index were up 0.8-1% each.
Market breadth was positive with 1,306 gainers and 831 losers on the BSE.
