Nifty, Sensex tick up ahead of F&O expiry, GDP data

Reuters New Delhi, India Nov 28, 2019, 11.46 AM(IST)

File photo. Photograph:( Reuters )

Story highlights

The NSE Nifty 50 index was up 0.1 per cent at 12,111.90 by 0406 GMT, while the S&P BSE Sensex index was higher 0.1 per cent at 41,062.

Indian shares inched higher in early trade on Thursday ahead of the expiry of November futures and options, while investors awaited gross domestic product (GDP) data due on Friday for clues about the health of Asia's third-largest economy.

The NSE Nifty 50 index was up 0.1 per cent at 12,111.90 by 0406 GMT, while the S&P BSE Sensex index was higher 0.1 per cent at 41,062.

"We are at a crucial juncture at this point of time. Today's move will decide the future course of action," said Rusmik Oza, head of fundamental research, Kotak Securities.

"If the market closes above 12,100 levels on expiry, then investors are ready to digest the GDP numbers. If they retrace today, then there are chances they might go down tomorrow or after the data."

Indian stocks are set to rise further over the coming year, according to a Reuters poll of equity strategists, but those gains will be limited as fiscal stimulus and easy monetary policy fail to reverse an economic slowdown.

Public sector banks led gains in the Nifty index, with the main sub-index rising 1.15 per cent. Shares of Indian Bank rose 4.52 per cent, while Oriental Bank of Commerce gained 4.1per cent.

Bharti Infratel was the top gainer in the Nifty 50 index, rising 4.7 per cent.