Reliance, financials pull Indian stocks ahead of GDP data – Times of India

Indian shares declined on Wednesday, snapping a four-day winning streak pulled by index heavyweights Reliance Industry and financial stocks, ahead of GDP data for the March quarter later in the day.
blue chip smelly 50 index closed down 0.53% at 18,534.40, while the benchmark S&P BSE Sensex It closed down 0.55% at 62,622.24.
Both the indices had touched five-month highs for three consecutive sessions and were in overbought territory before Wednesday’s slide.
Reliance Industries Ltd, India’s largest firm by market capitalization with 10.32% weightage in the Nifty 50, lost 2%.
Oil-to-telecom group could see $155 million in outflows, after shortfall msci weightageAccording to Nuwama Research, The MSCI index changes take effect after the market close on Wednesday.
Six of the 13 major sectoral indices posted losses, with high-weightage financials falling 0.82%. India’s largest state-owned lender, State Bank of India Ltd, lost 2.18% on its record date for dividend.
Investors await a vote on the US debt ceiling agreement deal on Wednesday. “The outcome will determine the market direction in the near to medium term,” said Srikant Chauhan, head of equity research (retail), Kotak Securities.
While the deal is expected to pass, uncertainty remains over whether the US Congress will approve the deal after some Republican lawmakers vowed to block it.
Investors are also awaiting India’s gross domestic product (GDP) data for the quarter ended March 31. A Reuters poll of economists forecast the economy grew 5%, faster than 4.5% in the previous quarter, aided by steady urban demand and government spending.
Bucking the trend was pharma, which rose 0.6%, led by plaque psoriasis drug Sun Pharmaceutical Industries Ltd and strong March quarter earnings growth for Torrent Pharmaceuticals Ltd.