GDP HIGHLIGHTS: Amid the ongoing slowdown, the first advance estimates released by the government on Tuesday showed GDP growth rate to slow down to 5 per cent. The first advance estimate of FY20 GVA growth was recorded at 4.9 per cent, CSO data also showed. According to the median of a poll of 20 economists by news agency Cogencis, the GDP growth was seen at 5 per cent. India’s growth projects have already been cut by the Reserve Bank of India (RBI) recently. The RBI cut India’s economic growth estimate down to 5 per cent for FY20. Even the global ratings agency Moody’s slashed the economic growth forecast to 5.6 per cent for 2019. Meanwhile, after rallying 553.51 points during the session, the 30-share BSE index ended 192.84 points, or 0.47 per cent, higher at 40,869.47. Similarly, the broader Nifty rose 59.90 points, or 0.50 per cent, to finish at 12,052.95. “Recoveries are likely to be fragile and index is likely to face resistance at higher levels. Nifty is likely to test the support zone of 11,800 zone on the downside. Near term, traders should have a sell on rise approach for the nifty. Uptrend has been fractured in the near term. 12,100 is likely to remain as resistance zone on a closing basis,” Amit Shah, Technical Research Analyst, Indiabulls Ventures said.
Watch: What is GDP?