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Indian Indices:  Indian equity benchmarks trimmed losses but continued to trade in red amid consolidation in late afternoon trade as investors awaited retail inflation data for the month of January due later today. The markets trimmed its losses led by IT, TECK, Metal and Power stocks. While, the sell-off continued in Consumer Durables, PSU, FMCG and Realty stocks. Investor sentiments remained positive on the back of gains by European and Asian markets. However, upside remained capped with the report indicating that Industrial production contracted in December 2016, due to a sharp decline in production of consumer goods, confirming a demonetisation led contraction in demand. Index of Industrial Production (IIP) was 0.4% lower in December 2016 from the same period a year ago. The number was well below the 5.7% growth in November.

The BSE Sensex is currently trading at 28303.17, down by 31.08 points or 0.11% after trading in a range of 28197.38 and 28458.80. There were 14 stocks advancing against 16 stocks declining on the index. The broader indices were trading in red; the BSE Mid cap index was down by 0.61%, while Small cap index was down by 0.62%.

The CNX Nifty is currently trading at 8784.85, down by 8.70 points or 0.10% after trading in a range of 8754.20 and 8826.90. There were 23 stocks advancing against 28 stocks declining on the index.

Crporate Front: Driven by strong participation from retail investors, mutual fund (MF) houses have registered an addition of around 62 lakh investor accounts in the first 10 months of the current fiscal, taking the total tally to 5.4 crore, reported PTI. This follows addition of 59 lakh folios in 2015-16 and 22 lakh in 2014-15.

Market Sentiment:

The market breadth on BSE was positive in the ratio of 1397: 1190, while 159 scrips remained unchanged.

Macroeconomic front: The Reserve Bank central board took stock of the current economic situation, global and domestic challenges and other specific areas of its operations, reported PTI. "The 563rd meeting of the central board meeting was chaired by RBI Governor Urjit R Patel... The board reviewed the current economic situation, global and domestic challenges and other specific areas of operations of the Reserve Bank of India," the central bank said in a statement.

On the global front: On the global front, European markets were trading in green with positive U.S. and Asian cues, reflecting optimism with U.S. President Donald Trump's tax reform plans, and generally upbeat global economic data. Asian markets were trading in green as investor sentiments improved after a meeting between Trump and Japanese Prime Minister Shinzo Abe ended without trouble, avoiding tough talk on currency and trade issues. Back home, in scrip specific development, Trent traded higher after the company received an approval for raising of funds through issue of Commercial Paper up to an amount not exceeding Rs 100 crore.

Commodity Updates:

Top Sectoral& Stock Screening:The top gaining sectoral indices on the BSE were IT up by 0.72%, TECK up by 0.55%, Metal up by 0.15% and Power up by 0.14%, while Consumer Durables down by 1.18%, PSU down by 1.04%, Realty down by 0.95%, Capital Goods down by 0.60% and FMCG down by 0.53% were the top losing indices on BSE.

Top Nifty Movers:The top gainers on Nifty were Eicher Motors up by 2.51%, Hindalco up by 2.00%, Yes Bank up by 1.73%, Tata Power up by 1.53% and Infosys up by 1.49%. On the flip side, Bank of Baroda down by 9.04%, Idea Cellular down by 3.12%, AurobindoPharma down by 2.57%, BHEL down by 1.99% and SBI down by 1.77% were the top losers.

Global Signals:

All Asian markets were trading in green; KOSPI Index increased 3.57 points or 0.17% to 2,078.65, FTSE Bursa Malaysia KLCI increased 9.32 points or 0.55% to 1,708.26, Shanghai Composite increased 20.14 points or 0.63% to 3,216.84, Jakarta Composite increased 26.46 points or 0.49% to 5,398.13, Taiwan Weighted increased 44.73 points or 0.46% to 9,710.32, Nikkei 225 increased 80.22 points or 0.41% to 19,459.15 and Hang Seng increased 136 points or 0.58% to 23,710.98.

All European markets were trading in green; UK’s FTSE 100 increased 7.45 points or 0.1% to 7,266.20, France’s CAC increased 20.4 points or 0.42% to 4,848.72 and Germany’s DAX increased 34.09 points or 0.29% to 11,701.06.