India: Markets await key economic data

In January this year, India changed its method for measuring GDP, which revised the previous fiscal year’s growth to 6.9 per cent from a near decade-low of 4.7 per cent [Image: Archives]

India’s benchmark BSE index jumped over 220 points in early trade on Thursday and the NSE (National Stock Exchange) Nifty regained the 8,700-mark ahead of key economic data to be released later in the day.

India’s Statistics Ministry will release industrial production (IIP) numbers for January and consumer price index (CPI) data for February today.

Consumer prices rose 5.11 percent in January from a year earlier.

India’s central bank last week cut borrowing costs for a second time this year.

In January this year, India changed its method for measuring GDP, which revised the previous fiscal year’s growth to 6.9 per cent from a near decade-low of 4.7 per cent. It forecasts a 7.4 per cent expansion in the year through March 31. That has confused economists, including Indian Central Bank Governor Raghuram Rajan and the Prime Minister’s Chief Economic Advisor Arvind Subramaniam.

Meanwhile, the 30-share BSE index on Thursday morning was trading higher by 220.85 points, or 0.77 per cent, at 28,880.02 as all sectoral indices, led by power, capital goods and banking, were trading in positive zone with gains up to 1.54 per cent.

The gauge had lost 790 points in the previous three sessions.

On similar lines, the National Stock Exchange index Nifty regained the 8,700-mark by recovering 66.55 points, or 0.76 per cent, at 8,766.50.

Among other Asian markets, Hong Kong’s Hang Seng was up by 0.27 per cent, while Japan’s Nikkei gained 1.33 per cent in early trade on Thursday.

However, the US Dow Jones Industrial Average ended 0.16 per cent lower in Wednesday’s trade.

 

TBP and Agencies