{"id":10319,"date":"2021-06-01T03:01:34","date_gmt":"2021-06-01T03:01:34","guid":{"rendered":"https:\/\/www.pantheregroup.com\/2021\/06\/01\/sensex-nifty-seen-up-as-economic-data-brings-cheer\/"},"modified":"2021-06-01T03:01:34","modified_gmt":"2021-06-01T03:01:34","slug":"sensex-nifty-seen-up-as-economic-data-brings-cheer","status":"publish","type":"post","link":"https:\/\/www.pantheregroup.com\/2021\/06\/01\/sensex-nifty-seen-up-as-economic-data-brings-cheer\/","title":{"rendered":"Sensex, Nifty Seen Up As Economic Data Brings Cheer"},"content":{"rendered":"
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Indian shares look set to open a tad higher on Tuesday as investors cheer better-than-expected macroeconomic data. <\/p>\n

India’s economy<\/span> shrank 7.3 percent in the fiscal year ended March 31, preliminary estimates from the statistics ministry showed. <\/p>\n

The government had earlier forecast 8.0 percent decline in gross domestic product for the year during which economic activity was severely hurt by the coronavirus<\/span> pandemic. <\/p>\n

In the January to March quarter, the economy grew 1.6 percent year-on-year, which was faster than the 1.0 percent expansion that economists had forecast. The December quarter growth was revised to 0.5 percent from 0.4 percent.<\/p>\n

Meanwhile, the output of eight core sectors jumped by as much as 56.1 percent in April mainly due to a low base effect and uptick in production of natural gas, refinery products, steel, cement and electricity.<\/p>\n

Separate government data showed that the country’s fiscal deficit for the financial year 2020-21 was 9.3 percent of GDP, which was less than the 9.5 percent estimated earlier.<\/p>\n

Benchmark indexes Sensex and the Nifty jumped about 1 percent on Monday, while the rupee dropped 17 paise to close at 72.62 against the dollar, snapping a three-day winning streak. <\/p>\n

Asian markets<\/span> held steady this morning after a slew of surveys signaled an ongoing expansion in regional manufacturing activity, thanks to recovery in global demand. <\/p>\n

South Korean shares led regional gains after data showed the country’s exports logged their sharpest expansion in 32 years in May.<\/p>\n

The dollar dipped and China’s offshore yuan advanced despite China forcing banks to keep more foreign currencies in reserve for the first time in over a decade.<\/p>\n

The British pound hit a three-year high amid bets the U.K.’s economic recovery is gaining traction with the rollout of coronavirus vaccines.<\/p>\n

Treasury yields rose ahead of key American jobs data due out later this week. Gold held steady after posting the heaviest monthly jump since July 2020. <\/p>\n

Oil prices jumped after OPEC and its allies forecast that oil stockpiles will diminish rapidly in the second half of the year. <\/p>\n

European stocks fell on Monday as investors reacted to signs of rising inflation in Germany as well as soft data from China and Japan. <\/p>\n

The pan European Stoxx 600 dropped half a percent. Germany’s DAX and France’s CAC 40 index both shed around 0.6 percent. <\/p>\n

Markets in the U.K. and U.S. were closed for Bank Holiday and Memorial Day, respectively. <\/p>\n<\/p>\n<\/div>\n