Sensex, Nifty sluggish; Bharti gains 2%, ITC & BHEL major losers

Moneycontrol Bureau10:30 am Outlook: Japanese central bank, the Bank of Japan kept reserves deposit rates unchanged, but trimmed real GDP growth forecast for FY17 to 1.2 percent from 1.5 percent earlier. The real GDP growth forecast for FY18 has been cut to 0.1 percent from 0.3 percent earlier. Geoff Lewis, Senior Strategist, Manulife Asset Management, tells CNBC-TV18, there could be a knee-jerk reaction in global markets to the GDP growth downgrade. However, the impact is likely to be limited because Japan has not contributed to the global economy for some time now. Lewis says the relative weakening of the dollar should limit downside in emerging markets.

Don't miss: HCL Tech Q3 below estimates; net up 0.3%, $ revenue up 1.3%The market is still flat as the Sensex is up 27.72 points or 0.1 percent at 26091.84. The Nifty is up 11.25 points or 0.1 percent at 7991.15. About 1051 shares have advanced, 609 shares declined, and 105 shares are unchanged.

Bharti, Cipla, HDFC Bank, Axis Bank and Coal India are top gainers while ITC, BHEL, Maruti, Infosys and GAIL are losers in the Sensex.

Crude futures pulled back from 2016 highs as traders locked in profits after April's sharp rally, but analysts said falling US production and strong investor appetite could push prices higher.

The price dip came after both crude benchmarks hit 2016 highs the previous day in what has been one of the steepest price rises in recent years. Both Brent and WTI have rallied more than 70 percent since their respective 2016 lows in January and February.

Analysts said falling output in the United States and a weak dollar were pushing prices up and attracting investors.