India Stocks Retreat From Record Ahead of Economic Growth Report
Bloomberg
Published Nov 28, 2019 11:29PM ET
Updated Nov 29, 2019 12:14AM ET
India Stocks Retreat From Record Ahead of Economic Growth Report
(Bloomberg) -- India stocks fell, retreating from a third record-high close this week, ahead of a report due later Friday that’s expected to show the economy expanded at the slowest pace in more than six years.
The S&P BSE Sensex Index declined 0.5% to 40,928.90 as of 9:56 a.m. in Mumbai. The measure is set for a third straight month of gains, the longest such streak since May. The NSE Nifty 50 Index also lost 0.5% Friday.
Asia’s third-biggest economy probably grew 4.5% in the three months through September, according to economists in a Bloomberg survey. The report is due after market hours. Among measures in recent months aimed at reversing the slowdown, the government has cut taxes and plans to set aside funds to help troubled industries, while the central bank is expected to deliver another rate cut on Dec. 5 to help bolster liquidity.
Strategist View
“Stocks could fall if GDP growth comes in below 5%,” said Sanjiv Bhasin, an analyst at IIFL Securities Ltd. in Mumbai. “The series of new highs that have been set recently mean that investors will buy into any decline very quickly.”
The Numbers
- Ten of 19 sector sub-indexes compiled by BSE Ltd. fell, led by a gauge of metal companies.
- Twenty-three of 31 Sensex shares fell, while eight gained.
- Reliance Industries Ltd. contributed the most to the index decline, with a 0.8% fall; Tata Steel Ltd. was the biggest loser, slipping 1.4%; Bharti Airtel Ltd. added 1.4% and was the biggest boost; Yes Bank Ltd.’s 4.4% gain was the biggest; the lender is poised to outline fund-raising plans.
- BNP, Credit Suisse (SIX:CSGN) Skeptical on Record-Breaking India Stocks
- India Braces for Shock GDP as Modi Scrambles to Spur Economy
- Troubled Yes Bank Poised to Outline Crucial Fund-Raising Plans
- India’s Public Spending to Head Off Growth Slowdown: Economics
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Written By: Bloomberg
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