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Indian Indices: Mirroring weak European and Asian markets, Indian equity benchmarks continued their lackluster trade in late afternoon session on the back of selling pressure in Healthcare, Oil & Gas and Metal stocks. Besides, investors remained cautious ahead of the outcome of the two-day US Federal Open Market Committee (FOMC) meet, due later in the evening. 

The Fed is widely expected to stand pat on interest rates, but may offer hints on the possibility of a rate hike in June. Back on domestic turf, sentiments remained downbeat with the UN report projecting that India’s growth to remain stable at 7.1% in 2017 before edging up to 7.5% in 2018. It further stated that if the US policies take a very severe protectionist turn and the trend spreads, the India’s growth could be affected by as much as 1.2 per cent in the coming years. 

However, down side remained capped with the report that Prime Minister NarendraModi is reviewing the progress of the government’s agenda to curb black-money and tax evasion as well as the roll out of the Goods and Services Tax (GST).

The BSE Sensex is currently closed at 29894.80, down by 26.38 points or 0.09% after trading in a range of 29867.14 and 30020.59. There were 14 stocks advancing against 15 stocks declining on the index, while 1 stock remained unchanged.The broader indices were trading in red; the BSE Mid cap index was down by 0.39%, while Small cap index was down by 0.02%.

The CNX Nifty is currently shut down at 9311.95, down by -1.85 points or 0.02% after trading in a range of 9298.40 and 9346.30. There were 26 stocks advancing against 25 stocks declining on the index.

Crporate Front: The government is expected to come out with regulations for fintech (financial technology) space as the industry is likely to witness increased payments and lending activities, a study said. With payments and lending remaining priority areas, fintech interest grew in India during January-March quarter of 2017, global consulting firm KPMG said in its report.

Macroeconomic front: The Asian Infrastructure Investment Bank (AIIB) has approved a loan of $160 million to finance a power project in India, the bank said on Wednesday. The project, co-financed with the World Bank, is part of the government's "24x7 Power for All programme" and will strengthen the power transmission and distribution system in Andhra Pradesh, Xinhua news agency reported.

On the global front:

On the global front, European markets were trading in red as investors digested the latest in Brexit negotiations and corporate earnings. Asian markets were also trading in red. Back home, in scrip specific development, Thomas Cook India traded higher after the company’s wholly owned subsidiary- Travel Corporation (India) entered into Joint Venture (JV) Agreement with DER Touristik Group to form a Joint Venture Company ‘TCI Go Vacation India’ to be operational from Delhi NCR. 

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were IT up by 1.19%, Realty up by 1.02%, TECK up by 0.80%, Telecom up by 0.26% and Basic Materials up by 0.20%, while Healthcare down by 0.89%, Oil & Gas down by 0.83%, Metal down by 0.77%, Energy down by 0.51% and Bankex down by 0.45% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were BhartiInfratel up by 2.63%, Power Grid Corporation up by 2.31%, Ultratech Cement up by 2.12%, TCS up by 2.04% and Infosys up by 1.06%. On the flip side, Lupin down by 2.78%, AurobindoPharma down by 2.06%, Tata Power down by 1.73%, Zee Entertainment down by 1.67% and Hindalco down by 1.50% were the top losers.

Global Signals:

Asian markets were trading mostly in red; Jakarta Composite decreased 22.85 points or 0.4% to 5,652.96, Shanghai Composite decreased 8.37 points or 0.27% to 3,135.35 and FTSE Bursa Malaysia KLCI decreased 6.33 points or 0.36% to 1,772.14. On the flip side, Taiwan Weighted increased 14.06 points or 0.14% to 9,955.33 and KOSPI Index increased 14.23 points or 0.65% to 2,219.67.

All the European markets were trading in red; Germany’s DAX decreased 28.52 points or 0.23% to 12,479.38, UK’s FTSE 100 decreased 23.68 points or 0.33% to 7,226.37 and France’s CAC decreased 15.83 points or 0.3% to 5,288.32.