Indian Share Markets Open Marginally Higher; Wipro Up 7% Post Q4 Results

Asian stock markets are trading on a positive note today. The Nikkei is trading up by 0.2% while the Hang Seng is up 0.3%. The Shanghai Composite is trading higher by 0.5%.

China's economy grew at a record pace in the first quarter, official data showed, expanding 18.3% from a year earlier as the recovery from the coronavirus slump accelerated.

The growth in the gross domestic product (GDP) was slower than the 19% forecast by economists in a Reuters poll and followed by 6.5% growth in the fourth quarter last year.

It was the strongest growth since at least 1992 when official quarterly records started.

In US stock markets, Wall Street indices jumped overnight to reach record levels as traders eyed a much stronger-than-expected print on consumer spending and a sharp improvement in the number of new jobless claims.

Traders digested a key print on the strength of the US consumer on Thursday, with the Commerce Department's March retail sales showing the best monthly rise in retail sales since May 2020.

The Dow Jones Industrial Average gained more than 300 points, or about 0.9%, to reach a record intraday and closing high and break above the 34,000 level. The S&P 500 and Nasdaq also rose to reverse declines from a day earlier, with tech stocks leading both indexes higher by more than 1%.

Back home, Indian share markets have opened on a positive note, following the trend on SGX Nifty.

Market participants are tracking Mindtree's share price as the company is scheduled to announce its quarterly results today.

The BSE Sensex is trading up by 131 points. Meanwhile, the NSE Nifty is trading higher by 40 points.

Asian Paints and Wipro are among the top gainers today. ICICI Bank, on the other hand, is among the top losers today.

Both, the BSE Mid Cap index and the BSE Small Cap index have opened up by 0.7%.

Sectoral indices are trading on a mixed note with stocks in the metal sector and IT sector witnessing buying interest.

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Disclosure: Equitymaster Agora Research Private Limited (Research Analyst) bearing Registration No. INH000000537 (hereinafter referred as 'Equitymaster') is an independent equity research ...

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