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Indian equity markets added gains and continued their firm trade in afternoon session on sustained buying activities as global risk sentiment improved after a study showed hospitalisation risk from Omicron was lower compared with the Delta coronavirus variant. Two new British studies provide some early hints that the Omicron variant of the coronavirus may be milder than the Delta version. Additional support came as rating agency ICRA stated that profitability of sugar, fertiliser and dairy sectors will remain stable in FY22, with only three months left to close the financial year 21-22. Meanwhile, Indian Prime Minister Narendra Modi is scheduled to hold discussions with state chiefs on Thursday on containing the possible surge of Omicron cases ahead of the festive season, as gatherings in public spaces and markets gain momentum. On the global front, all Asian markets were trading firm with encouraging reports about the potential impact of the omicron variant of coronavirus and stronger U.S. economic data.

Back on street, the broader indices too were trading in-line with benchmarks, while the market breadth the on BSE was in the favour of advances which thumped declines in the ratio of 2238: 956; while 145 shares remained unchanged.

The BSE Sensex is currently trading at 57331.71, up by 401.15 points or 0.70% after trading in a range of 57146.28 and 57446.20. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.87%, while Small cap index was up by 0.82%.

The top gaining sectoral indices on the BSE were Realty up by 2.23%, Oil & Gas up by 1.36%, PSU up by 1.35%, Power up by 1.12% and Utilities was up by 1.06%, while Telecom was down by 0.47% were the only losing indices on BSE.

The top gainers on the Sensex were ITC up by 2.59%, Power Grid up by 2.51%, Bajaj Finance up by 2.14%, NTPC up by 1.71% and Axis Bank was up by 1.52%. On the flip side, Ultratech Cement down by 0.77%, Asian Paints down by 0.61%, Bharti Airtel down by 0.50%, Maruti Suzuki down by 0.21% and Larsen & Toubro was down by 0.09% were the top losers.

Meanwhile, in a major reform for the Port sector, Union Minister for Ports, Shipping & Waterways, Sarbananda Sonowal has announced the Tariff Guidelines, 2021 for the public private partnership (PPP) projects in Major Ports. Sonowal said that they will usher in a new era of market economy and make major ports more competitive.

In the new Act, the provision of the erstwhile Tariff Authority for Major Ports (TAMP) stands abolished. The need for Tariff Guidelines, 2021 for the PPP projects in major ports arose consequent upon the new Major Port Authority Act, 2021 coming in vogue w.e.f. November 3, 2021. Currently, major port's PPP concessionaires handle around 50 per cent of the total traffic handled by all the major ports in India.

The guidelines allow the concessionaires at major ports to set tariffs as per market dynamics. The biggest benefit of transition to market linked tariff is that a level playing field will be provided to the PPP concessionaires at major ports to compete with private ports. PPP concessionaires at major ports were constrained to operate under the stipulations of these guidelines (by TAMP) whereas private operators/PPP concessionaires at non-major ports were free to charge tariff as per market conditions. These new guidelines will be applicable for future PPP projects, including the projects which are currently under the bidding stage.

The CNX Nifty is currently trading at 17070.10, up by 114.65 points or 0.68% after trading in a range of 17015.55 and 17107.85. There were 40 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were ITC up by 2.69%, Power Grid Corp up by 2.51%, Indian Oil Corporation up by 2.38%, Bajaj Finance up by 2.16% and NTPC was up by 1.75%. On the flip side, Divi's Lab down by 1.57%, Ultratech Cement down by 0.80%, Asian Paints down by 0.58%, Bharti Airtel down by 0.47% and JSW Steel was down by 0.40% were the top losers.

All Asian markets were trading higher; Shanghai Composite gained 16.19 points or 0.45% to 3,638.81, Nikkei 225 surged 236.16 points or 0.83% to 28,798.37, Jakarta Composite soared 14.42 points or 0.22% to 6,544.01, Hang Seng increased 104.74 points or 0.45% to 23,207.07, Taiwan Weighted strengthened 119.83 points or 0.67% to 17,946.66, KOSPI rose 13.69 points or 0.46% to 2,998.17 and Straits Times was up by 10.13 points or 0.33% to 3,097.64.

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