Mumbai: Indian markets on Tuesday closed little changed as investors avoided taking long positions ahead of key gross domestic product (GDP) data due on Friday. Investors are also keeping eye on the next budget for initiatives to tackle slowing economic growth, fiscal deficit target and borrowing targets. Both the equity benchmark indices ended positive for the third consecutive day.
Sensex closed 0.17% higher at 39749.73 points, while the NSE Nifty 50 index rose 0.03% to 11,928.75 points.
In the broader market also ended the day on a positive note as both the BSE Midcap and Smallcap indices advanced by 0.09% and 0.41% respectively.
According to Bloomberg economists, estimate GDP will show growth in the three months through March was the slowest in almost two years.
"Post euphoria on Election outcome, markets to consolidate and shift its focus towards macro data, the onset of monsoon, events like RBI Monetary Policy slated next week (6 June) and also on Union budget. On global front, the US-China trade wars along with rising in oil price will determine the further trend of the market," said Hemang Jani, Head - Advisory, Sharekhan by BNP Paribas.
"We continue to remain optimistic on equity markets, as the new government is expected to continue with its infrastructure thrust and focus on rural schemes. We prefer Private banking stocks," Jani added.
Sector-wise, BSE Information Technology took the pole position rising 1.64% followed by Teck (1.36%), Energy (1.17%), Metal (0.95%) and Oil and Gas (0.55%). However, BSE Telecom was the biggest losing sector falling 1.16%.
Yes Bank, Coal India, Infosys, Power Grid and Vedanta were the most contributing stocks on BSE surging as much as 4.06%.
SpiceJet Ltd rose 2% to ₹148.80 after the company reported a 22% jump in net profit for the March quarter despite the grounding of Boeing MAX aircraft. The airline reported a profit of ₹56.3 crore for the quarter ended March 31st, 2019 as against ₹46.2 crore in the same quarter last year.
Manpasand Beverages hit 20% lower circuit for the second sessions after the Commissioner of Central GST (CGST) and Customs on Friday arrested the company's MD Abhishek Singh and CFO Paresh Thakkar over GST fraud case.