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Sensex, Nifty Hit Record Highs Ahead Of GDP Data

Among losers, Reliance Communications Ltd plunged as much as 9.5 percent to its lowest ever after Moody's downgraded it deeper into "junk" territory.

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Sensex, Nifty Hit Record Highs Ahead Of GDP Data

Indian shares hit record highs on Wednesday ahead of the announcement of gross domestic product data due later in the day. Government is set to post annual GDP growth of 7.1 percent in the January-March quarter, which would allow it to hang on to its status as the world's fastest growing major economy, according to economists polled by Reuters.

Hopes for an improving economy have helped shares hit a string of record highs in May, with the benchmark BSE Sensex adding 4.2 per cent for the month, its best monthly performance since May 2016 and fifth consecutive monthly gain.

The NSE Nifty has gained 3.5 per cent so far this month.

"Markets are consolidating over the past few days after moving sharply up and after the results there are no further triggers going ahead," said Dipen Shah, senior vice president and head of private client group research at Kotak Securities.

As of 1:45 pm, Sensex was up 48 points or 0.15 per cent at 31,207.77 and the Nifty50 index traded 11.7 points higher at 9,636.25.

Among losers, Reliance Communications Ltd plunged as much as 9.5 percent to its lowest ever after Moody's downgraded it deeper into "junk" territory and kept its ratings under review for further downgrade as the company struggles with a heavy debt burden.

But United Spirits Ltd rose to its highest since March 15 after posting gains in March-quarter margins and revenue.

Mahindra and Mahindra Ltd gained as much as 6.4 per cent after the company reported nearly 20 per cent rise in March-quarter profit, beating analysts' estimates.



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