Indian share markets continue to trade range bound from record highs hit in the previous session amid weak global markets. Gains were largely seen in consumer durables stocks, bank stocks and realty stocks. Metal stocks and software stocks witnessed majority of the selling pressure.

The BSE Sensex is trading lower by 16 points and the NSE Nifty is trading lower by 10 points. Meanwhile, the BSE Mid Cap index is trading up by 0.2% & the BSE Small Cap index is up by 0.4%. The rupee is trading at 64.93 to the US$.

In news from the economy, as per a leading financial daily, SBI Research in its latest report has accessed that Indian economy is likely to improve to 6% in the second quarter of the current fiscal year 2017-18, as against 5.7% growth in the first quarter of FY18.

This is in the wake of increase in several macroeconomic indicators like trade, transport and communication. It also said that Q2 growth might be in the lower end of 6-6.5% band with an upward bias.

As per the report, index of industrial production (IIP) growth for September may be over 5% as mining and electricity growth is likely to be significantly better as state electricity boards had purchasing power because of festive demand. It noted that most of the lead indicators — foreign tourist arrivals, international passenger and air freight traffic, railway traffic and telephone subscribers have shown an uptick in recent months.

SBI Research also said that consumption facing sectors are currently witnessing an increase in investment opportunities which ‘bodes well for the investment cycle going forward’.

Indian GDP growth hit a three-year low of 5.7% in the June quarter. The aftereffects of Notebandi and the Goods and Service Tax (GST) were mainly responsible for the slowdown. The growth was much lower than analyst estimates of around 6.6%.

GDP at 3-year Low Post Notebandi and GST