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Domestic stock markets jumped to trade near record highs on Friday - with the S&P BSE Sensex back above the 40,000 mark, ahead of the release of GDP or gross domestic product data by the government. 

Domestic stock markets jumped to trade near record highs on Friday - with the S&P BSE Sensex back above the 40,000 mark, ahead of the release of GDP or gross domestic product data by the government. 

The S&P BSE Sensex index rose as much as 253.55 points to 40,085.52 in morning deals, and the NSE Nifty index climbed to 12,022.10, up 76.2 points from the previous close. The upmove was backed by buying across sectors, led by state-run banks, auto and energy stocks.

At 9:53 am, the Sensex traded 274.40 points - or 0.69 per cent - higher at 40,106.37, while the Nifty was up 80.80 points - or 0.68 per cent - at 12,026.70. 
 
Top gainers on the 50-scrip benchmark index at the time were Bharat Petroleum, Indian Oil, Asian Paints, TCS and NTPC, trading between 3.36 per cent and 4.96 per cent higher.
 
HDFC Bank, TCS and Larsen & Toubro contributed the most to the advances in Sensex.
 
The government is due to release the GDP data for the final quarter of financial year 2018-19. 
 
A survey of economists by news agency Reuters forecast growth slipped to 6.3 per cent annually in the three-month period - its slowest pace in six quarters. If they are right, India would lag China, which notched 6.4 per cent growth in the March quarter, for the first time in one-and-a-half years.
 
Equities in other Asian markets slid at first but soon drew month-end bargain hunting having suffered a torrid few weeks.
 
MSCI's broadest index of Asia-Pacific shares outside Japan edged up 0.3 per cent, though still down 7.3 per cent for the month.
 
China's blue chip index added 0.7 per cent, partly on talk Beijing would now have to ramp up its stimulus measures. Japan's Nikkei pared early losses to be off 0.6 per cent, but was still down 6.5 per cent for the month so far.
 
Investors clearly feared that opening a new front in the trade wars would threaten global and US growth, and pressure central banks everywhere to consider new stimulus.
 
Washington will impose a 5 per cent tariff from June 10, which would then rise steadily to 25 per cent until illegal immigration across the southern border was stopped. US President Donald Trump announced the decision late on Thursday.
 
The Sensex and Nifty had ended 0.84 per cent and 0.71 per cent higher respectively, resuming their record breaking spree after a day's pause.