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Key Indian benchmarks were trading slightly higher in noon session led by gains in realty, consumer discretionary and metal stocks. Traders were getting solace from private report stating that Indians are slowly making their way back to the office and is witnessing a consumption revival in the country with spending intent shifting towards more discretionary items. However, traders were taking cautious approach as Asian Development Bank (ADB) downgraded its 2021 economic growth outlook for India -- the subregion's largest economy -- to 10 per cent from 11 per cent in 2021. Also, investors are waiting for the end of this week's Fed meeting that may shed light on when its massive purchase of government debt will begin to ease. On the global front; Asian markets were trading mixed amid tension ahead to Federal Reserve's monetary policy announcement and economic projections.

Back home, in sectoral front media stocks were in lime light after the Board of Directors of ZEE Entertainment Enterprises (ZEEL) unanimously provided an in-principle approval for the merger between Sony Pictures Networks India (SPNI) & ZEEL.

The BSE Sensex is currently trading at 59025.63, up by 20.36 points or 0.03% after trading in a range of 58879.83 and 59178.44. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.18%, while Small cap index was up by 1.13%.

The top gaining sectoral indices on the BSE were Realty up by 6.28%, Consumer Discretionary up by 1.43%, Metal up by 1.16%, TECK up by 1.05% and Auto was up by 1.00%, while Utilities down by 0.51%, Bankex down by 0.36%, FMCG down by 0.27% and Power was down by 0.08% were the few losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 3.68%, Mahindra & Mahindra up by 1.58%, HCL Tech. up by 1.20%, Tata Steel up by 1.17% and Reliance Industries was up by 0.87%. On the flip side, HDFC down by 1.48%, Hindustan Unilever down by 1.28%, HDFC Bank down by 0.76%, Dr. Reddy's Lab down by 0.67% and ICICI Bank was down by 0.55% were the top losers.

The CNX Nifty is currently trading at 17570.90, up by 8.90 points or 0.05% after trading in a range of 17524.00 and 17610.45. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Tech Mahindra up by 3.54%, Tata Motors up by 2.14%, Coal India up by 1.92%, Hindalco up by 1.78% and Mahindra & Mahindra up by 1.57%. On the flip side, HDFC down by 1.54%, Hindustan Unilever down by 1.29%, HDFC Bank down by 0.90%, ONGC down by 0.81% and Eicher Motors down by 0.73% were the top losers.

Meanwhile; Asian Development Bank (ADB) has revised down India's Gross domestic product (GDP) growth forecast to 10 percent for the current fiscal (FY22) from 11 percent predicted earlier, citing the adverse impact of the second wave of the pandemic.

The growth forecast for India in fiscal year 2021 (ending in March 2022) was revised down, as the spike in COVID-19 cases during May dented the recovery. However, it said the outbreak dissipated faster than anticipated, resulting in several states easing lockdown measures and returning to more normal travel patterns.

In its Asian Development Outlook forecast in April this year, the multilateral funding agency had projected India to grow at 11 per cent in the current fiscal year. Because consumption will recover only gradually, government spending and exports will contribute more to FY2021's growth than they did in the previous fiscal year.

Asian markets were trading mixed; Jakarta Composite soared 58.77 points or 0.97% to 6,119.53 and Shanghai Composite was up by 4.31 points or 0.12% to 3,618.28

On the other hand; Taiwan Weighted dropped 350.97 points or 2.03% to 16,925.82, Nikkei 225 slipped 200.31 points or 0.67% to 29,639.40 and Straits Times was down by 13.51 points or 0.44% to 3,049.69.

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