Equity benchmark indices were trading lower in the afternoon session, with the Nifty slipping 48 points to 12,300 and the Sensex falling 190 points to 41,762. As per media reports, Trump is slated to sign the Phase 1 trade agreement with Chinese Vice Premier Liu He at the White House today.
The Nifty Metal index erased morning losses to trade higher with buying witnessed in NMDC, Jindal Steel, NALCO, Welspun Corp and SAIL.
Hindustan Zinc, Hindalco, JSW Steel, Tata Steel and Coal India were also trading higher on the index.
The S&P BSE Mid-Cap index was up 0.47%, while the S&P BSE Small-Cap index rose 0.685%. The market breadth was positive. On the BSE, 1,317 shares rose and 1,103 shares fell and 175 shares were unchanged.
On the international front, European shares opened higher, while Asian stocks fell across-the-board as investors awaited the signing of an initial US-China trade deal, with sentiment somewhat dented by comments from the US Treasury Secretary.
The US will maintain tariffs on Chinese goods until the completion of the second phase of a US-China trade agreement, US Treasury Secretary Steven Mnuchin said on Tuesday, a day before the two sides are to sign an interim deal. If the President gets a Phase 2 in place quickly, he will consider releasing tariffs as part of Phase 2, Mnuchin reportedly said.