The economic growth rate of 8.8 per cent during the first quarter ended June

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is almost in line with the expectations of Dalal Street, analysts said.

"The growth rate of 8.8 per cent is as per our expected line and is good. We were expecting that the economy will expand by 8.9 per cent, but 8.8 per cent rise is almost in our line," SMC Chairman and Managing Director SC Aggarwal said.

"We did well during the first quarter and our economy is on right track," Bonanza Portfolio V-P (Equity & Institutional Sales) RL Narayanan said.

Echoing the view, CNI Research CMD Kishore Ostwal said: "The number was very much in the line with Dalal Street expectation. Market did not react to the impressive growth as it was not a surprise."

The broader market did not gave any sharp reaction to the GDP data released today and the BSE benchmark Sensex was little changed after the growth rate flashed.

The 30-share barometer, which was under pressure since morning, was quoting at 17,865.05, down by 167.06 points at noon.

"Market is down, but may bounce back in the later half of the day," Ostwal added.

Indian economy, the world's second fastest growing economy, expanded by 8.8 per cent in the the quarter to June on the back of robust manufacturing growth.

Manufacturing grew by strong 12.4 per cent in April-June, 2010 against a 3.8 per cent growth rate during the same period last year. Construction grew by 7.5 per cent compared to 4.6 per cent