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The local equity markets have pared some of their gains but are still trading in positive terrain in afternoon session. Most of the sectoral indices were trading firm and Capital Goods was the top gainer on BSE, up by 2.01% followed by Industrials and Auto indices, trading up over 1.50% each. Besides, broader indices were also trading in green, supporting their larger peers. Sentiments were upbeat as the survey conducted by Ficci showed that with states easing lockdown curbs due to declining number of COVID-19 cases, there are immediate indications of improvement in economic activity as companies are hopeful of better performance in the next 6 to 12 months. However, market trimmed some of their gains as traders were concerned with report stating that Indian companies' market capitalization has grown at the fastest pace last year among major economies despite contraction in GDP, flagging the risks to financial stability it poses.

On the global front, Asian markets were trading mostly higher as investor focus on economic growth partly offset worries about any near-term rise in US interest rates. Back home, in scrip specific development, shares of Jet Airways were in limelight as the National Company Law Tribunal (NCLT) is set to pronounce its final ruling on the resolution plan for the airline today.

The BSE Sensex is currently trading at 52874.27, up by 299.81 points or 0.57% after trading in a range of 52800.82 and 53057.11. 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 0.94%, while Small cap index was up by 1.38%.

The top gaining sectoral indices on the BSE were Capital Goods up by 2.01%, Industrials up by 1.84%, Auto up by 1.74%, Power up by 1.52% and Oil & Gas was up by 1.45%, while FMCG was down by 0.10% was the top losing index on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 4.57%, Larsen & Toubro up by 2.47%, Ultratech Cement up by 1.99%, Tata Steel up by 1.56% and Titan Company was up by 1.35%. On the flip side, Bajaj Finance down by 1.08%, Nestle down by 0.94%, Hindustan Unilever down by 0.68%, Asian Paints down by 0.41% and Bajaj Finserv was down by 0.40% were the top losers.

Meanwhile, Federation of Indian Chambers of Commerce and Industry (FICCI) has said that the recent changes in the FAME II scheme, including enhanced subsidies for electric two-wheelers, are expected to accelerate demand for electric vehicles in the two-wheelers, three-wheelers and bus segments. Yet, the chamber asked the government to also raise the demand incentive on electric three-wheelers like it has done for e-two-wheelers.

Commenting on the steps by the government, FICCI EV Committee Chair Sulajja Firodia Motwani has said it is a great move from the government to revise upwards the demand incentive of electric two-wheelers from Rs 10,000 per KWh to Rs 15,000 per KWh, which FICCI also has been recommending in the past.

She also said that these measures will help reduce the cost of ownership difference between ICE engine vehicle and EV in the two-wheeler segment and encourage consumers to adopt electric two wheelers.

The CNX Nifty is currently trading at 15853.00, up by 106.50 points or 0.68% after trading in a range of 15812.45 and 15895.75. There were 40 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were Maruti Suzuki up by 5.06%, UPL up by 3.83%, Adani Ports up by 3.09%, Shree Cement up by 2.98% and Tata Motors was up by 2.72%. On the flip side, Bajaj Finance down by 1.09%, Nestle down by 1.02%, Cipla down by 0.97%, Hindustan Unilever down by 0.57% and Bajaj Finserv was down by 0.43% were the top losers.

Asian markets were trading mostly higher; Nikkei 225 surged 873.20 points or 3.12% to 28,884.13, Jakarta Composite soared 100.87 points or 1.68% to 6,097.12, Taiwan Weighted strengthened 12.57 points or 0.07% to 17,075.55, Straits Times advanced 0.81 points or 0.03% to 3,118.68, KOSPI rose 23.09 points or 0.71% to 3,263.88 and Shanghai Composite was up by 19.50 points or 0.55% to 3,548.68.

On the other side, Hang Seng was down by 60.63 points or 0.21% to 28,428.37.

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