Sensex up nearly 300 points; investors eye GDP data

Benchmark indices Sensex and Nifty have opened on a positive note on Monday. However, markets could see higher volatility as the day progresses as investors eye Q4 GDP data.

Indian shares opened lower on Monday as investors awaited gross domestic product data for the fourth quarter, with economists being pessimistic after a harsh second wave of COVID-19 hit the country last month. The NSE Nifty 50 index shed 0.34% to 15,381.35 by 9:31 am, while the benchmark S&P BSE Sensex slipped 0.43% to 51,188.99. The Nifty 50 index closed at a record high on Friday, with both the indexes posting weekly gains of around 2% each. India's statistics ministry will announce the GDP data at 1200 GMT, with economists saying the country's economic growth likely picked up in the January-March quarter from the previous three months, but expressed pessimism about this quarter after a harsh second wave of COVID-19 hit the country last month.