Key benchmark indices slid in the red zone reacting sharply to revised growth estimates by Prime Minister’s economic panel while broader markets continue to be firm. At 11:25am, the BSE Sensex was down by 31 points trading at 19,750 levels while NSE Nifty gained by 6 points at 5,844 levels. Broader markets remain firm; BSE Mid cap and small cap are up in the range of 0.3-0.5%. Prime Minister’s Economic Advisory Council (PMAEC) has pegged India’s Gross Domestic Product (GDP) growth at 5.3% for the current financial year. This is way down from their earlier estimates of 6.4% but higher than sub-5% growth projected by various brokerage firms and independent economists. C Rangarajan, Chairman of PMEAC said in a press conference that controlling CAD remains a major concern for the government and pegged FY14 CAD at $70 bn or 3.8% of GDP. BSE IT and FMCG indices have declined by nearly 1% each. However, BSE Capital Goods, PSU, Power and Realty indices have gained by 1% each. The main losers on the Sensex at this hour include Wipro, HDFC Bank, HDFC, Bharti Airtel, ITC, Maruti Suzuki and Infosys, all declining between 1-3%. Capital goods shares remain positive on announcement of better-than-expected July factory output data. Index of industrial production (IIP) rose by 2.6% in July on a y-o-y basis after falling for 2 consecutive months.