The markets erased opening gains to slip in red after banking stocks extended losses. Negative trend in Asian markets as disappointing Chinese trade data clouded the otherwise upbeat outlook on global growth, also contributed to losses.

Back home, investors are keeping an eye on the Q1 results of Jindal Steel, Bank of India, Astrazeneca, IL&FS Transport, NCC, Tata Chemicals, Thermax, Usha Martin and Muthoot Finance, which are scheduled to report their Q1 numbers today.