Sensex Nifty trades in red ahead of GDP numbers; NTPC top loser

The Dalal Street opened in red on Thursday's trading session ahead of the macro-economic data namely fiscal deficit and gross domestic product (GDP) release.

At 0935 hours, Sensex was trading at 31,576.83 lower by 70 points or 0.22%, while Nifty 50 dropped by 12 points or 0.12% trading at 9,872.55.

In pre-open market, the 31-scrip index was trading higher at 31,685-level, while the 51-scrip index at 9,905-mark.

The Central Statistics Offer (CSO) will be presenting India's Gross Domestic Product (GDP) numbers for the first quarter of financial year 2017-18 (FY18). A Reuters poll pf economists, suggested that the GDP numbers is expected to have expanded 6.6% in the April-June quarter from a year earlier.

Gainers on BSE involved Wipro taking the lead at Rs 296.35 per piece up by 1.61%, followed by Reliance Industries at Rs 1,581.20 per piece (1.09%), Adani Ports at Rs 393.25 per piece (0.92%), ONGC at Rs 159.70 per piece (0.69%) and Dr Reddy's Laboratories at Rs 2,049.45 per piece (0.45%).

NTPC was the top loser on BSE, trading Rs 165.15 per piece down 1.70% after its two-day offer for sale (OFS).

The Government of India raised about Rs 9,136 crore by selling 10% stake in its state-owned NTPC via OFS. Government which owned about 70% stake in the company offered nearly 82.45 crore shares in OFS.

However, NTPC's OFS received bids for about 54.8 crore shares by the end of the two-day auction on the stock exchanges, with institutional investors subscribing to 46.35 crore shares of those.

Other losers were – Sun Pharma (Rs 480.80 per piece), Bharti Airtel (Rs 426.95 per piece), Infosys (Rs 921.90 per piece), Coal India (Rs 240.30 per piece) and HDFC Bank (Rs 1,760.10 per piece) trading negative in the range of 0.50% - 0.70%.

Analysts at Motilal Oswal said, “Overall index is seen consolidating with a positive bias though expiry could bring some volatility. Mid cap space continues to see good momentum as well. Sectors like cement, auto will be in focus on back of monthly numbers.”

Meantime, Indian rupee was trading at 64.003 higher by 0.048 paisa or 0.07% against US dollar.

Going ahead, investors rediscovered a taste for the dollar and Asian shares, as upbeat Chinese and U.S. economic news whetted appetite for riskier assets globally, even as tensions over North Korea simmered in the background, reported by Reuters