Markets trade lower ahead of FY13 GDP data

NTPC among top losers. Cipla, Sesa Goa also weak

Markets have slipped in morning trades. Sensex has slipped 13 points at 19,626. Nifty is down three points at 5,956.

Markets are likely to remain cautious ahead of economic growth estimates (GDP) for the current fiscal year (FY13) which will be released later today by Central Statistical Office.

U.S. stocks ended mostly flat on Wednesday, taking another pause in the recent rally that has driven the S&P 500 to five-year highs, as transportation and technology shares lost ground.

The Dow Jones industrial average was up 7 points, or 0.05 percent, at 13,987. The Standard & Poor's 500 Index was up 0.8 points, or 0.05 percent, at 1,512. The Nasdaq Composite Index was down 3 points, or 0.10 percent, at 3,168.

Asian shares and the euro paused on Thursday, marking time ahead of a European Central Bank policy decision and remarks from ECB President Mario Draghi on prospects for the euro zone economy.

Investors also took a break from selling the yen, which weighed on Japanese equities after the market jumped to a four-year peak in the previous session. South Korean shares opened up 0.2 percent, but sentiment was dampened by the trend to a weaker yen, which has the buoyed competitiveness of Japanese exporters.Japan's benchmark Nikkei stock average opened down 0.5 percent.

BSE capital goods index has slipped 0.5% at 10,178. Metal index has dropped 0.5% at 10,312 tracking losses on the London Metal Exchange. Power, FMCG and PSU shares also declined.

On the other hand, BSE IT index is up marginally at 6,401.

NTPC continued to languish - down 1.7% at Rs 149 ahead of its share sale today. Hero MotoCorp was the top loser - down 1.7% at Rs 1750. Among other losers are Sterlite, Bajaj Auto and GAIL.

Steel Authority of India traded flat at Rs 83 on worries the government's planned stake sale will have to be at a discount to attract interest as there are concerns about the company's earnings outlook.

Pharma major Cipla fell 1.3% at Rs 399. The company after trading hours on Wednesday said its profit after tax jumped 25.5% to Rs 338.78 crore on 18% growth in income from operations to Rs 2103.42 crore in Q3 December 2012 over Q3 December 2011.

On the other hand, HDFC gained 1% at Rs 815 after the mortgage lender cut its prime lending rate by 10 basis points starting on Wednesday, which could boost loan growth despite the hit to margins.

BHEL was up 0.5% at Rs 210 after being granted Maharatna status by the government. Maharatna status will help BHEL realise its long-term objectives and reach a turnover of Rs 1 lakh crore by 2016-17.