India, Jan. 13 -- Indian equity benchmarks cut all of their gains in late morning deals to turn negative, with both Sensex and Nifty trading below their neutral lines. Domestic sentiments were negative, despite positive cues from other Asian markets. Traders got cautious, as the State Bank of India's (SBI) Ecowrap report has said India's fiscal deficit in the current financial year (FY21) is likely to reach 7.4 per cent of the GDP on the back of enhanced government expenditure amid the pandemic. The report noted that as per the first advanced estimate of the GDP, real GDP will contract by 7.7 per cent in FY21, and nominal GDP growth is expected at (-) 4.2 per cent. Accordingly, the nominal GDP for FY22 would grow by 15 per cent to Rs 224.04...