Indian equity benchmark indices were lower in opening deals on Tuesday ahead of the release of India's gross domestic product (GDP) numbers for the fourth quarter of fiscal FY22.
Investors await GDP figures to gauge fresh cues. The GDP figures are expected this evening at around 5.30 p.m.
Noon 01.40 pm., sensex was at 55,840.91 points, down 84.83 points, whereas nifty at 16,659.80 points, down 1.60 points.
"The dominant factor determining the market direction, going forward, would be the trend in the US market, which, in turn, would be determined by the inflation in the US and the Fed's response to it," said V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
A major headwind for the Indian economy and markets is crude spiking above $120 per barrel over EU sanctions on Russian oil, said Vijayakumar.
Official data for Q4 GDP for India is likely to register at 2.7 per cent, and for the entire fiscal FY22 at 8.5 per cent, said Deepak Jasani, Head of Retail Research, HDFC Securities.
Indices decline in opening session, Q4 GDP numbers in focus
