India's GDP overtakes China as fastest-growing economy

India's GDP overtakes China as fastest-growing economy

Courtesy : Agencies01/09/2018 23:08

 The Indian economy grew at 15-quarter high of 8.2 per cent in the April-June quarter of current fiscal, according to government data released on Friday.The growth has been due to a strong performance in the manufacturing and farm sectors.

With this, India established its position as the fastest growing major economy, clocking higher expansion rate than China’s 6.7 in the same quarter. Following the release of data, the benchmark BSE Sensex recovered over 100 points and NSE Nifty reclaimed the 11,700-mark ahead of the release of key GDP data scheduled later in the day.

The 30-share Sensex rose 138.06 points, or 0.36 per cent, to 38,828.16 in early trade, after hitting a low of 38,611.46 at the outset. It lost 206.53 points in the previous two sessions. All the sectoral indices, led by healthcare, IT, teck, power and consumer durables, rose up to 2 per cent.The NSE Nifty too gained 47.70 points, or 0.41 per cent,to 11,724.50 after touching a low of 11,654.80. Investors built up fresh positions as September futures and options(F&O)series opened today,brokers said.

However,volatility remained as the rupee hit the 71 mark for the first time and other global markets were trading in the negative zone on worries prompted by a report that new US tariffs on China were imminent, they added.

Investors area also eyeing GDP data for April-June quarter that will be released later in the day.Prominent gainers included Sun Pharma, Wipro, Infosys, PowerGrid, ONGC, Coal India, NTPC, Asian Paint, HUL, ITC Ltd, L&T, Kotak Bank, IndusInd Bank and Tata Steel, rising up to 2.27 per cent.While, top losers include Yes Bank, RIL, Vedanta, Bharti Airtel, Axis Bank and HDFC Bank remained under pressure, falling up to 3.44 per cent.

Meanwhile, foreign portfolio investors (FPIs) bought shares worth a net of Rs 958.01 crore yesterday, while domestic institutional investors (DIIs) sold shares worth a net of Rs 1,598.67 crore, provisional data showed. Elsewhere in Asia, Hong Kong's Hang Seng was down 0.98 per cent, Japan's Nikkei shed 0.17 per cent and Shanghai Composite Index fell 0.08 per cent cent in early trade.

The US Dow Jones Industrial Average ended 0.50 per cent lower yesterday

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