November 28, 2019 / 4:57 AM / 17 days ago

Sensex, Nifty end higher ahead of GDP data; state-owned banks lead

A broker reacts while trading at his computer terminal at a stock brokerage firm in Mumbai, December 11, 2018. REUTERS/Francis Mascarenhas/Files

BENGALURU (Reuters) - Indian shares closed higher on Thursday, boosted by state-owned banks, as investors awaited the GDP growth data for the quarter ended September 30.

Nifty closed 0.42% higher at 12,151.15 after touching a fresh record high during the session. Sensex index ended up 0.27% at 41,130.17.

India’s economy probably expanded 4.7%, its weakest pace in more than six years, in the quarter to September, a Reuters poll showed, as consumer demand and private investment weakened further and a global slowdown hit exports.

Bullish sentiment on the day of the futures and options expiry point to higher foreign investment, said S Hariharan, head of sales trading at Emkay Global Financial Services.

“FII (foreign institutional investor) positioning in index futures has turned to net long after a gap of six months.”

The Nifty PSU index, which tracks state-owned banks, was up about 3.5% at close and was the top gainer for the day, while the metals index closed up 2.07%.

Bharti Infratel jumped 13.89% to end as the biggest gainer among Nifty stocks, while Zee Entertainment was the biggest laggard.

Reporting by Derek Francis in Bengaluru; editing by Uttaresh.V

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