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Indian equity markets continued their firm trade in the afternoon session on account of buying in frontline blue chip counters. Traders took support with PM Modi’s statement that ‘India is headed for robust economic growth as India have the world's fastest-growing Startup Ecosystem. Sentiments were also upbeat as foreign institutional investors turned net buyers after their continuous selling spree for the past many days, as they bought shares worth Rs 743.22 crore on Thursday, according to stock exchange data. Meanwhile, third quarterly employment survey (QES) by the labour ministry showed that employment in nine select non-farm sectors stood at 31.45 million in the October-December 2021 quarter, 0.39 million more than the July-September period and 0.65 million higher than April-June, 2021. On the global front, all Asian markets were trading in green amid positive lead from New York and Europe, and further pledges of economic support for China’s economy

Back home, on the sectoral front, realty, metal and healthcare witnessed the maximum gain in trade, while PSU, oil & gas and energy remained the top losers on the BSE sectoral space. The broader indices too were trading in-line with benchmarks, while the market breadth on the BSE was positive; there were 1792 shares on the gaining side against 1452 shares on the losing side while 132 shares remain unchanged.

The BSE Sensex is currently trading at 57885.80, up by 364.74 points or 0.63% after trading in a range of 57544.48 and 57918.08. There were 22 stocks advancing against 8 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.52%, while Small cap index was up by 0.48%.

The top gaining sectoral indices on the BSE were Realty up by 1.09%, Metal up by 0.82%, Healthcare up by 0.82%, Auto up by 0.81% and Basic Materials was up by 0.66%, while PSU down by 0.49%, Oil & Gas down by 0.41%, Energy down by 0.40% and Capital Goods was down by 0.16% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 2.40%, Dr. Reddy's Lab up by 2.24%, Kotak Mahindra Bank up by 2.12%, HDFC up by 2.12% and HDFC Bank was up by 2.00%. On the flip side, Axis Bank down by 4.43%, Wipro down by 1.75%, Power Grid down by 1.55%, NTPC down by 1.13% and SBI was down by 0.20% were the top losers.

Meanwhile, Reserve Bank of India (RBI) has modified norms for banks to claim the amount of interest subvention provided to farmers under the short-term crop loan scheme through Kisan Credit Card (KCC) during 2021-22. Pending claims for the 2021-22 financial year can be submitted by June 30, 2023, and those have to be duly certified by the statutory auditors ‘as true and correct’.

To provide short-term crop loans up to Rs 3 lakh to farmers at an interest rate of 7 percent per annum, the government offers an interest subvention of 2 percent annually to banks. An additional 3 percent interest subvention is provided to farmers who pay their loans promptly. For such farmers, the effective interest rate is 4 percent.  As per the circular on 'Modified Interest Subvention Scheme for Short Term Loans for Agriculture and Allied Activities availed through Kisan Credit Card (KCC)' during 2021-22, banks are required to submit their claims on an annual basis duly certified by their statutory auditors as true and correct, within a quarter from the close of the year.

Any remaining claim about the disbursements made during the year 2021-22 and not included in the claim as of March 31, 2022, may be consolidated separately and marked as an 'Additional Claim' and submitted latest by June 30, 2023, duly certified by the Statutory Auditors as true and correct.

The CNX Nifty is currently trading at 17344.30, up by 99.25 points or 0.58% after trading in a range of 17240.20 and 17357.75. There were 32 stocks advancing against 18 stocks declining on the index.

The top gainers on Nifty were HDFC Life Insurance up by 3.45%, Tata Motors up by 2.25%, Sun Pharma up by 2.24%, Dr. Reddy's Lab up by 2.16% and Kotak Mahindra Bank was up by 2.07%. On the flip side, Axis Bank down by 4.46%, Wipro down by 1.88%, Power Grid down by 1.66%, SBI Life Insurance down by 1.59% and Coal India was down by 1.47% were the top losers.

All Asian markets were trading up; KOSPI rose 27.56 points or 1.03% to 2,695.05, Taiwan Weighted strengthened 172.80 points or 1.05% to 16,592.18, Hang Seng increased 647.98 points or 3.2% to 20,924.15, Straits Times advanced 43.32 points or 1.3% to 3,378.41 and Shanghai Composite was up by 69.17 points or 2.32% to 3,044.65

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