As per the latest reports, the Indian economy has slowed down in its growth for the previous quarter. The GDP numbers for the Q3 quarter have come at 6.1%, which is slated to be the least in the past 2 years. The GDP figures stood at 6.9% for the quarter before this.
The GDP numbers have shown that the Farming, manufacturing and construction sectors have showed slowed down growth, as compared to the same quarter of previous financial year. The biggest disappoint is in the mining sector, where the growth has slipped to the negative 3.1% versus 6.1% year-on-year.
Markets have sharply reacted to the news of the lower GDP numbers. The news flash took the indices from their day highs. The Nifty had shed closely around 1%, immediately after the news arrived. The indices have recovered from then, as stocks have gained from the dips.
L&T has however dipped into the red. The stock is down by 0.5%. Metal stocks have also seen dips from the morning levels. Jindal steel is down by 1.2%. SAIL & Tatasteel have also seen declines from their intraday tops.
ICICI Bank has slipped into the red. The stock is down by 0.3%.