Sensex, Nifty consolidate ahead of Q4 GDP data; M&M extends rally

Epic Update Mahindra & Mahindra
Equity benchmarks continued to consolidate in noon trade as investors remained cautious ahead of fourth quarter and full year GDP data due later today.

The 30-share BSE Sensex was up 19.50 points at 31,178.90 and the 50-share NSE Nifty rose 0.25 points to 9,624.80.

The broader markets gained nearly 1 percent on positive breadth as about 1332 shares advanced against 1078 declining shares on the BSE.

Mahindra & Mahindra extended rally to more than 5 percent on value buying as brokerage houses turned bullish on the stock post earnings and on hopes of good monsoon that may boost its tractor sales in rural.

The Central Statistics Office will release gross domestic product (GDP) growth estimates for 2016-17 today that will factor in rebased factory output and wholesale price index (WPI) data. CSO’s advance estimate of FY17 GDP growth is at 7.1 percent GDP and 6.7 percent for GVA.

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