Sensex, Nifty steady; ITC, Maruti & Reliance gainers

Moneycontrol Bureau11:45 am Growth slow down: The Asian Development Bank slightly lowered its 2016 growth forecast for developing Asia on Tuesday, reflecting slower-than-expected expansion in India.

Developing Asia, which groups 45 countries in the Asia-Pacific region, is now expected to expand 5.6 percent this year, rather than 5.7 percent, the ADB said in a supplement to its Asian Development Outlook 2016.

The ADB trimmed its 2016 growth estimate for India to 7.0 percent from 7.4 percent due to weak investment, agricultural slowdown and the government's recent demonetisation.

11:30 am Interview: A massive fire broke out at Syngene facilty near Bengaluru last evening but no casualties were reported as the incident took place after office hours. But, the damage in terms of value will run into several crores, said company's MD, Kiran Mazumdar Shaw. Speaking to CNBC-TV18, Shaw said, the fire broke out in the upper floors of the company's building and it was fanned by the cyclonic winds, making the fire worse. Bengaluru is one of cyclone-affected areas. There was a delay in stabalising the situation and the fire went out of control resulting in gutted labs.Don't miss: Buy, sell, hold: 7 cherry picked stocks for your portfolio

The market is still holding early gains but the Nifty is still below 8200. The 50-share is up 10.50 points at 8181.30 and the Sensex is up 75.82 points or 0.3 percent at 26591.06. About 1156 shares have advanced, 892 shares declined, and 114 shares are unchanged.

Tata Motors, Wipro, ITC, Maruti and Reliance are top gainers while Lupin, Tata Steel, BHEL, Asian Paints amd TCS are losers in the Sensex.

All eyes will be on first CPI figure since demonetisation. November CPI is seen at 3.88 percent. Food inflation is likely to come down to levels of 2.4 to 3.1 percent.

China's industrial output and retail sales growth both accelerated in November, government data showed, in a sign of stabilisation for the world'ssecond-largest economy.

Industrial output rose 6.2 percent in the month, ahead of both October's figures. Retail sales rose 10.8 percent on-year in nominal terms, up from 10.0 per cent in October, while fixed-asset investment, a gauge of infrastructure spending, rose 8.3 percent in the first 11 months of the year, the National Bureau of Statistics (NBS) said.