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Indian Indices: Indian equity indices trimmed some of their losses but continued to trade below neutral line as investors took a pause ahead of key economic growth and fiscal deficit data due later in the day amid firm global cues. Markets pared its losses led by Realty, Telecom and Basic Materials stocks. 

However, the sell-off continued in Oil & Gas, Energy and PSU stocks. Investors took note of OECD report that cut India's growth forecast to 7% for 2016-17 in view of demonetisation from its earlier forecast of 7.4%, but said the pace will accelerate to 7.3% in the next fiscal 7.7% in 2018-19. It also said that India has been a star performer in gloomy times. Furthermore, sentiments remained subdued with India Ratings and Research’s (Ind-Ra’s) estimates that aggregate fiscal deficit of Indian states will increase marginally to 3.3% of gross domestic product (GDP) in FY18 from its forecast of 3.2% for FY17. It expects states’ debt/GDP ratio may increase marginally to 24.3% in FY’18 from 24% forecasted for FY17.

The BSE Sensex is currently trading at 28795.43, down by 17.45 points or 0.06% after trading in a range of 28729.52 and 28876.54. There were 15 stocks advancing against 15 stocks declining on the index. The broader indices were trading mixed; the BSE Mid cap index was down by 0.05%, while Small cap index was up by 0.54%.

The CNX Nifty is currently trading at 8883.60, down by 13.10 points or 0.15% after trading in a range of 8867.60 and 8914.75. There were 24 stocks advancing against 27 stocks declining on the index.

Crporate Front: Branches of public banks remained either closed or non-operational today as staffers and officers went ahead with their day-long strike pressing for various demands, including accountability of top executives in the wake of mounting bad loans. Services like cash deposits and withdrawal from branches and cheque clearances have been hit hard by the strike, which has been called under the aegis of the United Forum of Bank Unions (UFBU).

Macroeconomic front: The Goods and Services Tax (GST) will be implemented from July 1 as all states have agreed on the implementation date, Economic Affairs Secretary Shaktikanta Das said on Tuesday."GST should be implemented by July 1. All states have agreed (on the date)," Das told reporters here.

On the global front:

On global front, European markets were trading in green as investors geared up for fiscal stimulus and infrastructure spending announcements from U.S. President Donald Trump during his speech before Congress later today. Asian markets were trading in green, even as gains remain capped ahead of Trump's speech and the annual meetings of China's top legislature and top political advisory body.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were Realty up by 1.21%, Telecom up by 0.74%, Basic Materials up by 0.36%, Metal up by 0.34% and Capital Goods up by 0.21%, while Oil & Gas down by 1.33%, Energy down by 0.85%, PSU down by 0.44%, Auto down by 0.16% and IT down by 0.16% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Hindalco up by 1.80%, Asian Paints up by 1.52%, BhartiAirtel up by 1.50%, Mahindra & Mahindra up by 1.41% and Yes Bank up by 1.09%. On the flip side, BPCL down by 5.20%, Coal India down by 2.62%, Grasim Industries down by 2.18%, Idea Cellular down by 2.01% and Bosch down by 1.76% were the top losers.

Global Signals:

Asian markets were trading mostly in green; FTSE Bursa Malaysia KLCI increased 1.44 points or 0.09% to 1,695.28, KOSPI Index increased 6.12 points or 0.29% to 2,091.64, Jakarta Composite increased 11.16 points or 0.21% to 5,394.04, Nikkei 225 increased 11.52 points or 0.06% to 19,118.99 and Shanghai Composite increased 13.07 points or 0.4% to 3,241.73. On the flip side, Hang Seng decreased 184.32 points or 0.77% to 23,740.73.

All European markets were trading in green; UK’s FTSE 100 increased 4 points or 0.06% to 7,257.00, Germany’s DAX increased 5.31 points or 0.04% to 11,827.98 and France’s CAC increased 6.73 points or 0.14% to 4,851.91.