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Local equity markets are showcasing optimistic moves, despite United States (US) President Joe Biden's decision to impose a ban on oil and gas imports from Russia, as bourses are speeding up and reclaimed their crucial psychological level i.e. Sensex-54000 mark and Nifty-16200. Sentiments were upbeat with report that the Agriculture Ministry is ready with a new central scheme to promote natural farming in the country with an estimated outlay of Rs 2,500 crore. Traders took note of report that The US India Business Council (USIBC) has added three top executives to its India Advisory Council, a premier strategic body comprising a highly influential network of senior India-based executives and thought-leaders committed to growing trade and investment between America and India. Meanwhile, investors were certainly pay attention to exit polls before the state election results, which are only a day away. On the global front, Asian markets are trading mixed as traders remained on edge amid fears of a wider impact of commodity prices' surge on Beijing, while new coronavirus cases in the world's second-largest economy also weighed on risk sentiment.

Back home, buying has been witnessed across the BSE sectoral front, stocks from Energy, TECK and IT counters remained the one’s enticing major traction. The overall market breadth on BSE is in the favour of advances which have thumped declines in the ratio of 2546:677, while 119 shares have remained unchanged.

The BSE Sensex is currently trading at 54096.70, up by 672.61 points or 1.26% after trading in a range of 53367.52 and 54122.08. 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 1.48%, while Small cap index was up by 1.61%.

The top gaining sectoral indices on the BSE were Energy up by 2.34%, TECK up by 1.94%, IT up by 1.86%, Healthcare up by 1.67% and Telecom was up by 1.63%, while Metal down by 0.92%, PSU down by 0.23% and Bankex was down by 0.10% were the few losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 3.42%, Mahindra & Mahindra up by 3.10%, Tech Mahindra up by 2.86%, Infosys up by 2.69% and Ultratech Cement was up by 2.37%. On the flip side, Power Grid down by 2.31%, NTPC down by 1.68%, Kotak Mahindra Bank down by 1.39%, Tata Steel down by 1.34% and Axis Bank was down by 1.03% were the top losers.

Meanwhile, Agriculture Ministry is ready with a new central scheme in order to promote natural farming with a systematic approach without disturbing the existing systems of farming with an estimated outlay of Rs 2,500 crore. The proposed new scheme on natural farming will soon be placed before the Cabinet for approval.

The proposed scheme aims to adopt a complementary and cluster approach, to begin with, and will focus on intensive handholding of farmers practising natural farming, marketing of the produce and providing extension services, among other activities.

The objective of the scheme is not the conversion of chemical farming but promoting natural farming in areas where chemical farming has not reached yet. For instance, chemical farming is not much practised in dryland areas.

The CNX Nifty is currently trading at 16209.80, up by 196.35 points or 1.23% after trading in a range of 15990.00 and 16210.30. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Reliance Industries up by 3.50%, Mahindra & Mahindra up by 3.46%, Tech Mahindra up by 2.93%, Adani Ports up by 2.77% and Infosys was up by 2.66%. On the flip side, Shree Cement down by 2.61%, Power Grid down by 2.26%, NTPC down by 1.68%, JSW Steel down by 1.37% and ONGC was down by 1.34% were the top losers.

Asian markets are trading mixed; Taiwan Weighted strengthened 190.11 points or 1.13% to 17,015.36, Straits Times advanced 34.10 points or 1.08% to 3,182.96, Jakarta Composite was up by 55.50 points or 0.81% to 6,869.68. On the other hand, Nikkei 225 slipped 73.42 points or 0.3% to 24,717.53, Shanghai Composite declined 100.46 points or 3.05% to 3,193.07 and Hang Seng was down by 590.37 points or 2.84% to 20,175.50.

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