Sensex, Nifty trade in green despite GDP growth at 3-year low; Dr Reddys gains over 7%

Indian markets opened in green despite the India's GDP numbers coming in at  three-year low in first quarter of FY18 (Q1FY18).

At 1103 hours, Sensex was trading at 31,867.44 above 137 points or 0.43%, while Nifty 50 surged over 41 points or 0.41% trading at 9,958.95. 

In pre-open market, the 31-scrip index was trading at 31,770-level, while the 51-scrip was near 9,938-mark - higher from previous day closings. 

GDP at constant (2011-12) prices in Q1 of 2017-18 is estimated at Rs 31.10 lakh crore, as against Rs 29.42 lakh crore in Q1 of 2016-17, showing a growth rate of 5.7%. Quarterly GVA at basic price at constant (2011-2012) prices for Q1 of 2017-18 is estimated at Rs 29.04 lakh crore, as against Rs 27.51 lakh crore in Q1 of 2016-17, showing a growth rate of 5.6% over the corresponding quarter of previous year.

Gainers on BSE had Dr Reddy's Laboratories taking the lead at Rs 2167 per piece surging by nearly Rs 147 or 7.26% after when the company won rulings over three patents. 

On August 31, the district court of Delaware directed in favour of Dr Reddy's against Reckitt Benckiser for the blockbuster drug Suboxone.

Other gainers were - Bajaj Auto at Rs 2,856 per piece (1.69%), Tata Motors at Rs 381.80 per piece (1.38%), Sun Pharma at Rs 486.10 per piece (1.20%) and Tata Steel at Rs 643.40 per piece (0.85%). 

Losers on involved TCS at Rs 2,455 per piece down by 1.67%, followed by HDFC at Rs 1,755.75 per piece (1.11%), Hindustan Unilever at Rs 1,211 per piece (0.52%), Wipro at Rs 297.70 per piece (0.45%) and Power Grid at Rs 217.45 per piece (0.41%). 

Analysts at Motilal Oswal said, "Global markets are positive, mid caps are seeing good momentum and markets may ignore the economic data in expectations of likely improvement going ahead."

Meantime, Indian Rupee was trading at 63.888 down 0.075 paisa or 0.12% against US dollar.