BSE Sensex up 0.3 percent, GDP data awaited

Mumbai: The BSE Sensex rose 0.3 percent early on Tuesday, led by index heavyweight Reliance Industries, continuing a five-day rally ahead of the release of the government’s GDP growth estimate for the current financial year

Various estimates from economists and policymakers have pegged India’s gross domestic product (GDP) growth at between 7 and 7.5 percent in the fiscal year that ends in March, a sharp fall from 8.4 percent seen last year.The government will release its estimate at 11 am.

Mahindra and Mahindra Ltd , India’s largest utility vehicle manufacturer, will be in focus as it reports its results for the quarter to end-December, with analysts expecting the company to post a slide in profit on crimped margins.

The Nifty India stock futures traded in Singapore were marginally up at 8.20 am, pointing to a higher opening for the Indian market.

Asian shares were sluggish on Tuesday, as Greek resistance to the strict conditions attached to a bailout fund for the country doused recent optimism, as renewed fears of a messy debt default gave pause to hopes the global economy is improving.

The MSCI’s broadest index of Asia Pacific shares outside Japan was up 0.1 percent at 8.20 am, while Japan’s Nikkei slipped 0.2 percent.

The BSE Sensex rose for a fifth straight session on Monday, gaining 0.6 percent, and taking the benchmark index15 percent higher in 2012. Foreign funds have poured more than $3 billion into Indian equities so far this calendar year.

Stock to watch out for is Trent Ltd which may rise after the Tata group retailer said on Monday that its board considered raising funds through share sale to institutions and formed a panel to consider this and finalise terms.

Budget carrier SpiceJet may fall after it reported a quarterly loss on Monday and as auditors said accumulated losses have cast doubt on the ability of the airline to continue.

Reuters