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Snapping 3-day gains, domestic indices settle low

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New Delhi, May 31 (Ajit Weekly News) Snapping their three consecutive session gaining streak, Indian equity benchmark indices settled lower on Tuesday ahead of the release of India’s gross domestic product (GDP) numbers for the fourth quarter of fiscal FY22.

Analysts say investors await GDP figures for the quarter to gauge fresh cues. The GDP figures are expected at around 5.30 p.m.

On Tuesday, sensex closed at 55,566 points, down 359 points, whereas Nifty was at 16,585 points, down 77 points.

Among the sectoral indices, Nifty pharma, PSU bank, consumer durables, and oil and gas were the top losers, while Nifty auto, media, metal and realty among the top movers, NSE data showed.

“Domestic market failed to hold on to recovery mode as it was awaiting the release of Q4 GDP data. GDP is expected to register a slower growth rate of 4.0-4.2 per cent as consumer spending and investments were hit by soaring inflation,” said Vinod Nair, Head of Research at Geojit Financial Services.

“A hike in oil prices due to the EU’s ban on Russian oil imports would act as a headwind in taming global inflation. Changes in policy by central banks would be a major factor to be monitored in the coming days,” said Nair in a note.

–Ajit Weekly News

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