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Markets begin the day lower; eye GDP data


Markets begin the day lower; eye GDP data
Markets began the day marginally lower, with traders turning cautious ahead of the GDP data to be announced later today.

The BSE Sensex was trading at 17,500 points, down 40 points at 9.20 am IST, while the Nifty was trading marginally lower by 23 points.


Among the shares that lost ground in trade today were Coal India, which shed more than 1.11%, while NTPC and TCS wre lower by 1%.

Banks, which have exhibited volatility over the last few trading sessions were trading flat with SBI marginally higher and ICICI Bank virtually unchanged from Thursday's close. Steel stocks were marginally lower with Jindal Steel, Tata Steel, Hindalco and Sesa Goa trading lower.

Meanwhile, Asia was trading mixed with Singapore's Strait Times and Taiwan's Taiwan Weighted trading higher, while the Japanese Nikkei and the Hong Kong's Hang Sang were trading lower.

Markets would now keenly watch the GDP data, which is expected later today. Analysts are expecting GDP to come in at around 5.3%. A GDP sub 5%, could trigger a sell-off in stocks, though analysts believe that a low GDP rate would prompt the RBI to cut rates going forward.

Markets are expected to remain volatile throughout the day.

Read more about: sensex nifty
Story first published: Friday, August 31, 2012, 9:32 [IST]
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