Yes, the the Micromax Canvas Pulse 4G has support for USB OTG functionality. You can connect your external hard drives to your device and check the content stored on them on your phone. Pay attention to the file formats supported though. Make sure the file format on the drive is supported by your phone, else you may not be able to access the files.Live....and Let Live!
Micromax Canvas Pulse 4G is a new device supporting 4G and OTG. So yes ofcourse it does support the OTG cable. And it can be used as a device with storage or the data transfer. Canvas Pulse has Vanilla Android version (i.e. factory default) which means you have support for the most of the file format. And you can do the file format transfer depending on the format supported.
Find more specs of the phone here : http://gadgets.ndtv.com/micromax-canvas-pulse-4g-3166