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Erasing all initial losses, Indian Equity markets were trading in green terrain with both Sensex and Nifty were trading above 60,200 and 17950 marks, respectively. Traders took support with State Bank of India (SBI) Chairman Dinesh Kumar Khara’s statement that India is ready to move into the next orbit of growth with the hugely successful implementation of the COVID-19 vaccination program. In another positive development, industry chamber PHDCCI said that India's economic recovery gained momentum in recent months on the back of rapid progress in vaccinations, festive season and consequent improvement in consumer and industry sentiments. However, upside remain capped as foreign institutional investors (FIIs) stood as net sellers in the capital market, as they offloaded shares worth Rs 328.11 crore on Thursday, as per exchange data. In scrip specific development, Pfizer jumped following a strong set of numbers in the September 2021 quarter and rolling out its antiviral pill for Covid-19. On the global front, Asian markets were trading mixed as long-running concerns about inflation offset forecast-busting economic data out of the United States and China.

The BSE Sensex is currently trading at 60201.23, up by 133.61 points or 0.22% after trading in a range of 59779.19 and 60434.38. There were 16 stocks advancing against 14 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.74%, while Small cap index was up by 0.49%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.96%, Capital Goods up by 1.10%, Realty up by 1.04%, Oil & Gas up by 0.95% and Power was up by 0.95%, while Healthcare down by 0.97%, Bankex down by 0.79%, Energy down by 0.36% and Metal was down by 0.07% were the top losing indices on BSE.

The top gainers on the Sensex were Ultratech Cement up by 4.43%, Titan Company up by 3.77%, Bajaj Finserv up by 2.65%, Tech Mahindra up by 2.45% and Kotak Mahindra Bank was up by 2.33%. On the flip side, Indusind Bank down by 10.33%, SBI down by 1.92%, Mahindra & Mahindra down by 1.59%, Axis Bank down by 1.07% and Reliance Industries was down by 0.92% were the top losers.

Meanwhile, Finance Ministry has sought suggestions related to taxation from industry and trade associations for Budget 2022-23, which is going to set the tone for the growth of India's economy hit by the COVID-19 pandemic. In a communication to trade and industry associations, the ministry invited suggestions for changes in the duty structure, rates, and broadening of tax base on both direct and indirect taxes giving economic justification for the same.

The ministry said ‘Your suggestions and views may be supplemented and justified by relevant statistical information about the production, prices, revenue implication of the changes suggested and any other information to support your proposal.’ It said the request for correction of inverted duty structure, if any for a commodity, should necessarily be supported by value addition at each stage of manufacturing of the commodity. It would not be feasible to examine suggestions that are either not clearly explained or which are not supported by adequate justification or statistics.

The Budget 2022-23 is expected to be presented in Parliament on February 1 next year. It will be the fourth budget of the Modi 2.0 government and Finance Minister Nirmala Sitharaman. The budget for the next year is expected to address critical issues of demand generation, job creation, and putting the economy on a sustained 8 percent-plus growth path.

The CNX Nifty is currently trading at 17973.65, up by 56.85 points or 0.32% after trading in a range of 17836.10 and 18040.20. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Ultratech Cement up by 4.36%, Titan Company up by 4.00%, Indian Oil Corportaion up by 3.45%, Bajaj Finserv up by 2.82% and Grasim Industries was up by 2.70%. On the flip side, Indusind Bank down by 10.34%, Divi's Lab down by 7.18%, Hindalco down by 2.05%, SBI down by 1.85% and Mahindra & Mahindra wasdown by 1.48% were the top losers.

Asian markets were trading mixed; Shanghai Composite gained 5.94 points or 0.17% to 3,497.51, Straits Times advanced 17.69 points or 0.55% to 3,260.03, Jakarta Composite soared 42.95 points or 0.65% to 6,624.74 and Taiwan Weighted was up by 118.40 points or 0.68% to 17,415.30.

On the other hand Nikkei 225 slipped 104.52 points or 0.35% to 29,507.05, Hang Seng decreased 160.37 points or 0.64% to 24,710.14 and KOSPI was down by 8.94 points or 0.3% to 2,960.33.

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