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Sensex and Nifty battle for momentum before important economic data

<p>Prior to important local and US economic data on Wednesday, benchmark stock market indexes failed to gain traction in early trading.</p>
<p><img decoding=”async” class=”alignnone wp-image-455087″ src=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sensex-and-nifty-battle-for-momentum-before-important-economic-data-ram-temple-ope.jpg” alt=”theindiaprint.com sensex and nifty battle for momentum before important economic data ram temple ope” width=”996″ height=”560″ title=”Sensex and Nifty battle for momentum before important economic data 3″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sensex-and-nifty-battle-for-momentum-before-important-economic-data-ram-temple-ope.jpg 690w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sensex-and-nifty-battle-for-momentum-before-important-economic-data-ram-temple-ope-390×220.jpg 390w, https://www.theindiaprint.com/wp-content/uploads/2024/02/theindiaprint.com-sensex-and-nifty-battle-for-momentum-before-important-economic-data-ram-temple-ope-150×84.jpg 150w” sizes=”(max-width: 996px) 100vw, 996px” /></p>
<p>The NSE Nifty50 was trading 2.75 points down at 22,195.60 at approximately 10 am, while the S&P BSE Sensex was down 5.88 points at 73,089.34. While volatility remained elevated, other market indexes were also moving in tandem with the blue-chip indices.</p>
<p>Despite finishing the previous week well, none of the benchmark indexes has been able to post significant gains this week.</p>
<p>Nifty Bank and Nifty Financial Services continued to have difficulties, despite Nifty IT being one of the heavyweight sectors indexes that rose in early trading.</p>
<p>On the Nifty50, Tata Consumer Products, HDFC Life, TCS, Infosys, and Tata Motors were the top five gainers. Conversely, Apollo Hospitals, Asian Paints, M&M, Maruti, and Eicher Motors were the biggest losers.</p>
<p>Analysts predict that throughout the course of the next few sessions, domestic markets may witness some consolidation. Yet, Samrat Dasgupta, CEO of Esquire Capital Investment Advisors, believes that any decline may provide a chance to invest in the pre-election surge.</p>
<p>Other companies that will probably be watched closely throughout the day include Vedanta, which had a rise of almost 3% after encouraging remarks from management during an analyst call.</p>
<p>The direction of the market going forward will be determined by the release of India’s Q3FY24 GDP figures on Thursday. India’s growth in the October–December quarter most likely slowed to 6.6%.</p>
<p>Investors will also probably take into account the US Federal Reserve’s anticipated future interest rate policy, which is expected to be revealed by the publication of the US core personal consumption expenditures price index.</p>

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