Published on 29/05/2020 9:41:53 AM | Source: Reuters

Sensex, Nifty fall ahead of GDP data; Vodafone jumps

Posted in Stock Market| #Sensex #Stock Market #NSE #BSE #Nifty

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BENGALURU  - Indian shares fell on Friday after two days of strong gains as markets awaited the release of March-quarter GDP figures later in the day, while U.S.-China tensions further dampened sentiment.

Gross domestic product (GDP) data is expected to show India's economy grew at its slowest pace in at least two years, as the COVID-19 pandemic hit already declining consumer demand and private investment.

The NSE Nifty 50 index was down 0.76% at 9,418.30 by 0350, while the S&P BSE Sensex fell 0.86% to 31,924.13. The Nifty 50 had gained 5.1% over the past sessions led by a rally in beaten-down banking stocks.

Shares in Vodafone Idea Ltd jumped 9.5% after a report that Google was eyeing a stake in the telecom firm.

IT services firm Wipro Ltd's shares were up about 1% after it named a new chief executive officer and managing director. The broader Nifty IT index was down 1.3%.

(Reporting by Sachin Ravikumar; Editing by Shounak Dasgupta)