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Indian Indices: Indian equity benchmarks traded on a weak note for most part of the day and ended the session in red. Investors maintained a cautious approach ahead of state elections results, including that of Uttar Pradesh. Uttar Pradesh election is the world’s largest this year and will have a key influence on Prime Minister NarendraModi’s chances of clinching a second term in 2019. Concerns have also grown over a hike in interest rates by the US Federal Reserve next week. 

The market made a soft start in early deals as traders took cautious approach with the Organization for Economic Cooperation and Development (OECD) in its Interim Economic Outlook report highlighted that India, where the government implemented a drastic measure of currency demonetization in November, was the only one to see its growth forecast for the year reduced. India’s growth projection for the financial year ending on March 31 was lowered to 7.3 percent. The outlook for the fiscal year 2018 was retained at 7.7 percent.

The BSE Sensex ended at 28904.41, down by 95.15 points or 0.33% after trading in a range of 28815.48 and 29022.32. There were 10 stocks advancing against 20 stocks declining on the index.  The broader indices ended in red; the BSE Mid cap index was down by 0.60%, while Small cap index was down by 0.34%.

The CNX Nifty ended at 8926.30, down by 20.60 points or 0.23% after trading in a range of 8891.95 and 8957.05. There were 19 stocks advancing against 32 stocks declining on the index.

Crporate Front:

Consumer price inflation is likely to rise in February for the first time since demonetisation and this could prompt the RBI to hike rates much sooner than most expect, says a report. According to a report by Capital Economics, consumer price inflation dropped in January to 3.2 per cent from 3.4 per cent in December, but is likely to rise in February.

Macroeconomic front: Empowering women to achieve economic equality would "exponentially" increase global gross domestic product (GDP) by at least $12 trillion by 2025, according to Assistant Secretary General Lakshmi Puri.With women's equal participation in the economy, world GDP has the potential to even go up to $28 trillion, she said Tuesday citing a study done by the consulting company, McKinsey, in association with UN Women, the international organisation's outfit for women's empowerment and equality.

On the global front:

On the global front, Asian markets closed mixed, as strong China trade data bolstered bets of a recovering global economy, though gains were capped by caution ahead of a widely expected US interest rate hike next week. Japan’s economy grew more than earlier estimated in the fourth quarter as capital expenditure grew at its fastest in almost three years, welcome news for policymakers as they begin to discuss how to wind down years of massive stimulus. European stocks were trading in green as investors eyed the UK annual budget release due later in the day, as well as a batch of fresh earnings reports.

Commodity Updates:

Top Sectoral& Stock Screening:he few gaining sectoral indices on the BSE were Bankex up by 0.28%, Healthcare up by 0.10% and Consumer Durables up by 0.02%, while Metal down by 2.03%, Realty down by 1.58%, Energy down by 1.44%, Oil & Gas down by 1.35% and Basic Materials down by 0.96% were the losing indices on BSE. (Provisional)

Top Nifty Movers:The top gainers on Nifty were Bosch up by 2.81%, Yes Bank up by 1.99%, Zee Entertainment up by 1.65%, Eicher Motors up by 1.42% and Kotak Mahindra Bank up by 0.92%. On the flip side, Tata Steel down by 2.07%, Idea Cellular down by 2.07%, ONGC down by 1.96%, Tech Mahindra down by 1.71% and BHEL down by 1.34% were the top losers.

Global Signals:

Asian markets were trading mixed; KOSPI Index increased 1.36 points or 0.06% to 2,095.41, Taiwan Weighted increased 15.38 points or 0.16% to 9,753.45 and Hang Seng increased 101.2 points or 0.43% to 23,782.27. On the flip side, Nikkei 225 decreased 90.12 points or 0.47% to 19,254.03, Jakarta Composite decreased 6.24 points or 0.12% to 5,396.37, FTSE Bursa Malaysia KLCI decreased 1.8 points or 0.1% to 1,726.86 and Shanghai Composite decreased 1.74 points or 0.05% to 3,240.67.

All European markets were trading in red; France’s CAC decreased 8.82 points or 0.18% to 4,946.18, UK’s FTSE 100 decreased 1.7 points or 0.02% to 7,337.29 and Germany’s DAX decreased 0.2 points or 0% to 11,965.94.