Indian shares rise ahead of GDP data; IT stocks gain

  • 11/30/2021
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BENGALURU, Nov 30 (Reuters) - Indian shares rose marginally on Tuesday ahead of growth data that is expected to show the country"s economic recovery strengthened in the second quarter, buoyed by a pick-up in consumer spending. The blue-chip NSE Nifty 50 index (.NSEI) was up 0.75% at 17,180.70 by 0353 GMT, while the benchmark S&P BSE Sensex (.BSESN) rose 0.8% to 57,715.49. ndia"s statistics ministry will announce gross domestic product (GDP) data at 1200 GMT, and economists have projected the data will show 8.4% year-on-year growth in the July-September period, according to a Reuters poll last week. read more The spread of the new Omicron coronavirus variant, however, continues to weigh on the markets as health authorities tighten testing at airports and review plans to ease travel curbs. read moreAmong major sub-indexes, the Nifty IT index (.NIFTYIT) was the biggest gainer, rising over 2% in early trade. Reliance Capital (RLCP.NS), however, fell 5% to touch its lower circuit of 18.10 rupees, after India"s central bank said on Monday it would initiate bankruptcy proceedings against the non-banking financial company, superseding its board on governance concerns. read moreGlobally, investors became cautiously optimistic that the Omicron variant might not cause a widespread global economic disruption, with Asian shares trading in positive territory and the U.S. saying new lockdowns were off the table

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