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Indian equity markets were trading in fine fettle with Sensex and Nifty crossing 61,100 and 18,300 levels in the afternoon session due to heavy buying in IT, Realty and TECK stocks. Gains in frontline blue chip stocks such as Tech Mahindra and ITC also helped lift the markets. Firm global cues, steady oil prices, and receding Covid-19 cases back home is supporting sentiments. Sentiments were upbeat as World Bank president David Malpass said that the Indian economy that was hit hard by the COVID-19 pandemic is now in recovery mode. He also said that India, which faces huge challenges of integrating more people into the formal sector economy and raising the earnings of the people, has made some progress but that's not enough. Traders were also took support as Foreign institutional investors (FIIs) stood as  net buyers in the capital market, as they purchased shares worth Rs 937.31 crore on Wednesday, as per exchange data. Meanwhile, Members of the influential US India Business Council in their meeting with Union Finance Minister Nirmala Sitharaman has praised India’s reform trajectory and exuded confidence in the growing Indian economy.

On the global front, all Asian markets were trading firm as investors’ maintained optimism in the global recovery outlook but prepared for the end of an era of cheap cash with inflation continuing to surge on the back of supply chain problems and improving demand. Back home, BSE Sensex is currently trading at 61101.25, up by 364.20 points or 0.60% after trading in a range of 61014.23 and 61216.26. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose1.13%, while Small cap index was up by 0.91%.

The top gaining sectoral indices on the BSE were IT up by 1.95%, Realty up by 1.87%, TECK up by 1.59%, Basic Materials up by 1.58% and PSU was up by 1.53%, while Auto was down by 0.39% was the only losing index on BSE.

The top gainers on the Sensex were Tech Mahindra up by 3.80%, ITC up by 3.33%, Larsen & Toubro up by 2.33%, NTPC up by 1.95% and Power Grid was up by 1.85%. On the flip side, Bajaj Finance down by 1.44%, Indusind Bank down by 1.40%, TCS down by 0.81%, Kotak Mahindra Bank down by 0.66% and Mahindra & Mahindra was down by 0.50% were the top losers.

Meanwhile, rating agency ICRA has termed the government's decision to provide a special one-time package for extra subsidy on Di-Ammonium Phosphate (DAP) fertiliser as positive for farmers as well as the industry as it will ensure farmers get access to fertilisers at a reasonable retail price and the industry also does not face losses on account of the elevated international prices of fertilisers and key inputs. It also said the availability of key nutrients will improve in the coming months.

the step will provided succour to the industry as the phosphatic fertiliser players had been incurring losses on the sale of DAP due to which the stocks had dipped and availability to farmers had become an issue. As per ICRA’s estimates, the industry will be making marginal profit on sale of DAP while NPK sales are expected to provide decent level of profitability in the upcoming rabi season.

With the increase in the subsidy on these key grades of phosphatic fertilisers, the rating agency expects decent level of profitability for phosphatic fertiliser players. As a result, DAP imports and manufacturing of complex grades is expected to rise going forward ensuring better availability of the same for the upcoming rabi season.

The CNX Nifty is currently trading at 18301.00, up by 139.25 points or 0.77% after trading in a range of 18254.50 and 18323.20. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Wipro up by 9.43%, Grasim Industries up by 5.49%, Adani Ports &Special up by 5.13%, Tech Mahindra up by 3.90% and ITC up by 3.53%. On the flip side, Coal India down by 2.66%, Indusind Bank down by 1.49%, Bajaj Finance down by 1.42%, Eicher Motors down by 1.34% and Tata Motors down by 1.13% were the top losers.

All Asian markets were trading firm; KOSPI rose 39.41 points or 1.34% to 2,983.82, Taiwan Weighted strengthened 39.29 points or 0.24% to 16,387.28, Shanghai Composite gained 3.82 points or 0.11% to 3,565.58, Straits Times advanced 7.38 points or 0.23% to 3,163.80, Nikkei 225 surged 410.65 points or 1.46% to 28,550.93 and Jakarta Composite was up by 68.10 points or 1.04% to 6,605.00.

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