Indian equity benchmarks wiped out intra-day gains and ended with minor cuts in the volatile session on Tuesday on profit booking in heavyweights such as Titan Company, Reliance Industries and Asian Paints. Markets have made positive start and stayed in green during first half as traders took support with report that pointing out the sustained growth of the Indian economy over the past decade, European Parliament think tank expert, Angelos Delivorias said that India's GDP growth exceeding that of China reflects New Delhi's emergence as a formidable economic powerhouse in the global arena. Delivorias stated India has surpassed the growth rate of China, and experts think that it will continue doing so, at least in the short term. Sentiments on the street remained positive with Reserve Bank of India (RBI) Governor Shaktikanta Das' statement that the recent wave of financial market reforms spearheaded by the RBI are geared towards establishing a robust foundation for addressing the burgeoning funding needs of the economy, providing cost-effective hedging alternatives, and enhancing competitiveness in global markets. Key gauges maintained their gains in afternoon deals, taking support from private report that India is expected to see a normal monsoon in 2024. Monsoon rains are expected to be 102% of the long-period average of 868.6 mm for the four-month period. Traders took a note of private report that India's consumer price inflation likely eased to a five-month low of 4.91% in March but was still above the Reserve Bank of India's 4% medium-term target as food price rises persist. However, markets failed to keep the positive momentum going and witnessed selling pressure in the late afternoon deals which resulted into a marginal negative close for the indices. Traders turned cautious with the Reserve Bank of India's (RBI) Report stated that frequent weather shocks caused by climate change pose challenges for the monetary policy as well as downside risks to economic growth. It said global average temperatures are on a rise, with accompanying increase in extreme weather events (EWE), and the economic and social impact of global warming is becoming increasingly evident. Traders also remained on sidelines ahead of Index of industrial production (IIP) and Consumer Price Index (CPI) data, which going to be out on Friday. Finally, the BSE Sensex fell 58.80 points or 0.08% to 74,683.70 and the CNX Nifty was down by 23.55 points or 0.10% points to 22,642.75.

The US markets ended mostly higher on Tuesday. Markets saw considerable volatility over the course of the trading session. The volatility on markets came as traders continued to look ahead to the release of the Labor Department's report on consumer price inflation on Wednesday. Street currently expects consumer prices to rise by 0.3 percent in March following a 0.4 percent increase in February. Core consumer prices, which exclude food and energy prices, are also expected to climb by 0.3 percent in March after rising by 0.4 percent in February. The annual rate of consumer price growth is expected to accelerate to 3.4 percent in March from 3.2 percent in February, while the annual rate of core consumer price growth is expected to slow to 3.7 percent for 3.8 percent. The inflation data could have a significant impact on the outlook for interest rates, as Federal Reserve officials have repeatedly said they need greater confidence inflation is slowing before cutting rates.on the sectoral front, gold stocks showed a significant rebound following the pullback seen on Monday, driving the NYSE Arca Gold Bugs Index up by 1.9 percent to a nearly eleven-month closing high. The strength among gold stocks came amid an increase by the price of the precious metal, which climbed to a new record high. Considerable strength also emerged among biotechnology stocks, as reflected by the 1.6 percent gain posted by the NYSE Arca Biotechnology Index. Networking, commercial real estate and telecom stocks also showed notable moves to the upside, while energy stocks saw some weakness amid a steep drop by the price of crude oil.

Crude oil futures ended lower on Tuesday as traders assessed the prospect of some meaningful progress in Gaza ceasefire talks. According to private report, Egyptian and Qatari mediators met resistance in their search to find a way out of the war. Meanwhile, investors now await weekly inventory data from U.S. Energy Information Administration (EIA). The EIA is scheduled to release its inventory data Wednesday. Benchmark crude oil futures for May delivery fell $1.20 or about 1.4% to settle at $85.23 a barrel on the New York Mercantile Exchange. Brent crude for June delivery dropped $0.98 or 1.07% to $89.40 per barrel on London's Intercontinental Exchange.

Forex and money markets remained shut down on Tuesday on account of Gudhipadwa.  

The FIIs as per Monday's data were net buyers in equity segment, while they were net sellers in debt segment. In equity segment, the gross buying was of Rs 13097.09 crore against gross selling of Rs 11182.00 crore, while in the debt segment, the gross purchase was of Rs 1138.24 crore with gross sales of Rs 2764.11 crore. Besides, in the hybrid segment, the gross buying was of Rs 85.98 crore against gross selling of Rs 76.19 crore.

The US markets ended mostly higher on Tuesday a day ahead of major inflation data, weighed down by financial stocks as investors braced for major U.S. banks to kick off earnings reporting season on Friday. Asian markets are trading mixed on Wednesday as of Japan's corporate inflation climbed in March and rate decisions are awaited from New Zealand and Thailand's central banks. Indian markets erased all gains in the fag-end of the session and ended in red on Tuesday as profit booking in large-caps deepened. Today, markets are likely to get positive start amid ease in crude oil prices as talks for a ceasefire in Gaza continued. Some support will come with a private report that India is expected to see a normal monsoon in 2024, promising some respite after a prediction of more-than-normal heat wave days in the summer preceding the June-September rainy season. Monsoon rains are expected to be 102% of the long-period average of 868.6 mm for the four-month period. Traders may take note of the US National Security Advisor's statement that the partnership between India and the United States has reached a new height with collaboration on technology and other fields. Besides, the Reserve Bank has launched the next round of quarterly order books, inventories and capacity utilisation survey of manufacturing companies, a key input for the monetary policy formulation. The 65th round of survey is for the reference period January-March 2024 (Q4:2023-24). However, foreign fund outflows likely to dent sentiments. Foreign institutional investors (FIIs) net sold shares worth Rs 593.20 crore on April 9, provisional data from the NSE showed. There may be some cautiousness with report that the Indian Meteorological Department has predicted that in the April-June period, various parts of the country could record 10-20 heat wave days compared to the normal four to eight days. Nearly half of India's farmland, which has no irrigation cover, depends on the annual June-September rains to grow crops such as rice, corn, cane, cotton and soybeans. Meanwhile, External Affairs Minister (EAM) S Jaishankar has raised concerns over the fallout of G7 ban on Russian diamond imports with Belgium. New Delhi is concerned over Western ban on rough diamond imports from Russia, the world's biggest diamond producer and the biggest source of raw material for India's thriving polished diamond industry located in Surat.

Support and Resistance: NSE (Nifty) and BSE (Sensex)

Nifty Top volumes

• Maruti Suzuki India has commissioned another vehicle assembly line at its Manesar facility.
• Tata Motors' wholly owned subsidiary -- Jaguar Land Rover has reported 11% growth in retail sales to 114,038 units during Q4FY24 as compared to same quarter a year ago.
• Bharti Airtel has deployed additional sites in Birbhum district to densify its network.
• Bain Capital has exited Axis Bank after selling the remaining 1% stake in the lender through the open market for Rs 3,574 crore.