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A man carries share application forms in front of the Bombay Stock Exchange (BSE) in Mumbai, 22 May 2006. India's main stock exchanges recovered by the afternoon, led by domestic funds after the the Mumbai stock exchange 30-share Sensex index plunged 10 percent falling an intraday record 1,111.71 points to 9,826.9, triggering a one-hour trading halt in early trade. AFP PHOTO/Indranil MUKHERJEE

The Nifty and the Sensex opened the day on a

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GDP to contract 1% in Q3: BofA

Against the majority view of a rebound in the growth numbers for the December quarter, the house economists at the Wall Street brokerage Bank of America Securities on Tuesday pencilled in a 1% contraction in India’s GDP for the third quarter.

On an average, economists at almost all the rating agencies and brokerages have forecast a 0.4-0.7% positive growth for the economy that had contracted by a record 23.9% in the first quarter and 7.5% in the second quarter of the current fiscal.

The contraction in the first half of the current financial year ending March 31 was 15.7%.

Expecting a rebound in the second half, Bank of America Securities India has pencilled in a contraction of only 7-7.7% for the year, still making it the worst on record and the third since Independence.