Before the release of GDP figures, the domestic stock market closed in decline on Tuesday, losing three consecutive days of gains.
Analysts say that investors waited for the GDP figures. The figures are to be released around 5.30 pm.
BSE’s 30-share sensitive index Sensex closed 359 points lower at 55,566 points and National Stock Exchange’s Nifty slipped 77 points to 16,585.
In Nifty, pharma, PSU banks, consumer products and oil and gas sectors were the biggest sellers. Buying was witnessed in Auto, Media, Metal and Realty.
Vinod Nair, Head of Research, Geojit Financial Services, said, “Domestic markets could not sustain the momentum as investors are waiting for the GDP figures.
Rising inflation has resulted in lower consumption and negative impact on investment, which is expected to range between 4.0 and 4.2 per cent of GDP.
Rise in crude oil prices due to EU sanctions on Russia’s oil imports will make it difficult to control global inflation.