Mumbai, Dec 01: The BSE Sensex should extend gains on Tuesday after a sharp jump in economic growth in the September quarter and supported by higher Asian stocks.
Asia’s third-largest economy grew 7.9 per cent in the past quarter from a year earlier, smashing forecasts of 6.3 per cent, data showed on Monday.
“We should open positive … the most comforting factor is the GDP growth rate which surprised on the positive end yesterday,” said V.K. Sharma, head of private client group at HDFC Securities.
The MSCI’s measure of Asian markets other than Japan was up 0.3 per cent by 0336 GMT, while Japan’s Nikkei gained 1 per cent.
The Nifty India stock futures traded in Singapore were 0.4 per cent higher.
Mahindra & Mahindra will be on the radar after the top utility vehicle maker and BAE Systems signed an agreement to create a land systems focused joint venture defence company in India.
Essar Oil will be in focus after the refiner and Royal Dutch Shell extended their exclusive talks for the Indian firm to buy the latter’s three European refineries.
On Monday, the 30-share Sensex closed 1.8 per cent higher at 16,926.22.
–Agencies