 "Stocks move down, GDP data casts shadow")
Market moved to the back foot for the second straight session on Tuesday, as the Sensex slipped another 70 points to 28,743, with all eyes turning to the release of gross domestic product (GDP) estimate by the government.
Investors looked forward to the December quarter GDP data to find out if demand took a knock from Prime Minister Narendra Modi’s surprise decision to recall high-value currency notes in November last year.
The 30-share index, which had lost 80.09 points in the previous session, fell further by 69.56 points, or 0.24 per cent, to 28,743.32.
The broader NSE Nifty eased by 17.10 points, or 0.19 per cent, to close at 8,879.60. It moved between 8,914.75 and 8,867.60 intra-day.
“GDP data release as well as US Fed speeches kept traders on the back foot. Markets were also waiting with interest for Donald Trump’s address of joint session of the Congress, which might throw light on plans on tax reform and infrastructure spending,” said Anand James, Chief Market Strategist, Geojit Financial Services.