Benchmark indices traded flat on the third trading session of the week ahead of gross domestic product (GDP) data for the March quarter due later in the day. The GDP growth is expected to come in at 7.1% for the January-March quarter. Global cues remained positive for the domestic market and nifty successfully closed above 9600 mark for the third straight session at 9626.05. Realty and Auto stocks were the major gainers of the day while Metal and IT stocks were the losers for the day.
Global Markets Update
Novartis warned that price pressure on its generics drugs in the United States has intensified in the second quarter, cutting into its Sandoz division’s sales growth in the world’s largest healthcare market.
European stocks were mostly higher after the release of upbeat Chinese data lifted market sentiment, although U.K. political jitters ahead of the June 8 election were expected to weigh.
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