At around 9:30 am, BSE Sensex was trading 259.77 points lower at 31,940.82, while NSE Nifty was down 0.72 per cent at 9,422. By 9:35 am, Sensex was down over 320 points and Nifty was struggling to stay above 9,400. 

Shares of Vodafone Idea zoomed almost 10 per cent in early trade after reports of Google acquiring five per cent stake in the telecom company. (Photo: Reuters)

HIGHLIGHTS

  • Investors turn cautious ahead of Q4FY20 GDP numbers
  • Both market benchmarks fell in morning trade ahead of GDP data
  • Vodafone Idea shares zoomed past 14{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} after reports of possible deal with Google

Domestic markets on Friday opened in negative territory after rallying for two consecutive days.

Escalating tensions between the US and China have again dented global markets, leading to a drop in key domestic market benchmarks.

At around 9:30 am, BSE Sensex was trading 259.77 points lower at 31,940.82, while NSE Nifty was down 0.72 per cent at 9,422. By 9:35 am, Sensex was down over 320 points and Nifty was struggling to stay above 9,400.

It may be noted that shares of Vodafone Idea zoomed past 14 per cent in early trade after reports of Google acquiring five per cent stake in the telecom company.

Meanwhile, it seems that banking and financial stocks have run out of gas after two days of constant rally. Some of the top laggards in early trade are Axis Bank, Bajaj Finance, IndusInd Bank, HDFCBank, Infosys, Tata Steel, SBI and Maruti.

Apart from Nifty FMCG and Pharma, all other sectoral indices were trading in red with Nifty Bank, Financial Services, PSU Bank and Private Bank leading the negative rally.

Besides the global weakness, investors are also worried about the release of GDP numbers for the quarter ended March in 2019-20. Most experts expect the numbers to only offer an initial picture into the sheer devastation caused by the coronavirus lockdown in India.

A Reuters report quoting economists predicted economic growth or GDP in the March quarter at 2.1 per cent, way lower than 4.7 per cent in December.

MORE | India’s economy may contract over 40{b1ee4ac4d8d7b8e1af61a560a11ca52574b8103b547ccac8037ce0cdf9e7ba58} in Q1 FY21: Report

VIDEO | Can economy be revived with lockdown on?

IndiaToday.in has plenty of useful resources that can help you better understand the coronavirus pandemic and protect yourself. Read our comprehensive guide (with information on how the virus spreads, precautions and symptoms), watch an expert debunk myths, and access our dedicated coronavirus page.
Get real-time alerts and all the news on your phone with the all-new India Today app. Download from

  • Andriod App
  • IOS App

Source Article