Benchmark stock market indices opened marginally higher on Thursday as investors wait for Q2 GDP data, scheduled to be released later in the day.
The S&P BSE Sensex was up 41.13 points at 66,943.04 at around 9:45 am, while the NSE Nifty 50 gained 24.05 points to trade at 20,120.65. Broader market indices also witnessed marginal gains.
Most of the sectoral indices were trading in positive territory but with limited gains. On the other hand, Nifty Metal, Nifty Realty and Nifty Oil & Gas slipped to the negative zone.
The top five gainers on the Nifty 50 were Hero MotoCorp, Ultratech Cement, SBI Life, M&M and HDFC Life. On the other hand, the top drags were Adani Enterprises, Hindalco, Reliance, Tata Steel and Asian Paints.
Aditya Gaggar, Director of Progressive Shares, said, “Nifty50 has formed a big positive candle on the daily chart which suggests continuation of the current move and is likely to register a fresh high in the coming days.”
“The immediate resistance comes at the record levels i.e. 20,190 while the downside is protected at 20,020,” he added.
All eyes will be on the crucial GDP data, with economists anticipating the economy to have performed better during the quarter. Based on projections made by economists and experts, the GDP growth during the second quarter could range between 6.8 per cent and 7.2 per cent.