Indian markets pared earlier gains to trade negative on Tuesday afternoon. IT, teck and PSU stocks gained, while realty and FMCG stocks declined.

A meeting of the Board of Directors of Parsvnath Developers Ltd will be held on May 30, 2012, to recommend dividend, if any, for the Financial Year 2011-12.

The reduction of 50 basis points on the repo rate comes like light at the end of the tunnel for the real estate sector. The sector has been reeling under the pressures of high land costs, high interest rates, high input cost and low demand.

Indian equities continue to trade on a weak note led by disappointing IIP numbers. Healthcare, FMCG and metal stocks witnessed heavy selling pressure.

In a big relief for the Chandigarh Housing Board (CHB), the Punjab and Haryana High Court has stayed the recovery of over Rs 300 crore by the Income Tax Department.