Indian shares look set to open largely unchanged on Friday as investors digest mixed GDP numbers for the second quarter ended September.
While GDP rebounded after sliding for the last five quarters, the 6.3 percent growth is still unimpressive compared to the 7.5 percent growth rate registered in the September quarter of 2016-17.
Reacting to the GDP growth data, Finance Minister Arun Jaitley said the impact of demonetization and GST is behind us and growth in coming quarters will be on upward trajectory.
Another report indicated that India's core infrastructure sector output grew 4.7 percent in October, matching the September growth, which has been revised down from 5.2 percent.
Benchmark indexes Sensex and the Nifty fell about 1.3 percent on Thursday as traders settled open positions on eve of F&O expiry and government figures showed a widening fiscal deficit. The rupee closed weaker at 64.46 per dollar.
Asian markets gave up early gains to turn mixed this morning as U.S. Senate Republicans delayed voting on their tax bill and media reports suggested that the White House is considering a plan to replace Secretary of State Rex Tillerson with CIA director Mike Pompeo.
Also, a private survey showed that activity in China's vast manufacturing sector fell in November to the weakest pace in five months.
The dollar traded mixed against a basket of currencies while oil prices rebounded after OPEC and its allies outside the group agreed to extend oil output cuts until the end of 2018.
Overnight, U.S stocks hit fresh record closing highs as the Senate tax cut plan moved closer to passage and data on jobless claims, personal income and spending added to optimism about the economy.
The Dow jumped 1.4 percent to finish above 24,000 points for the first time, while the S&P 500 advanced 0.8 percent and the Nasdaq Composite added 0.7 percent.
European markets ended Thursday's choppy session lower despite broad-based gains in the banking sector. The pan-European Stoxx Europe 600 index eased 0.3 percent.
The German DAX slid 0.3 percent, France's CAC 40 index shed half a percent and the U.K.'s FTSE 100 declined 0.9 percent.
by RTT Staff Writer
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