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Indian bourses added gains in afternoon session after the US Federal Reserve kept interest rates unchanged and projected a rapid jump in US economic growth this year. Adding optimism, Income Tax Department said it has issued over Rs 2.04 lakh crore worth refunds to more than 2.09 crore taxpayers so far this fiscal year. Of this, personal income tax refunds of Rs 73,607 crore have been issued to over 2.06 crore taxpayers and corporate tax refunds of over Rs 1.31 lakh crore issued in 2.21 lakh cases. Buying in frontline stocks such as Mahindra & Mahindra, ITC and Bajaj Finance were aiding sentiment, while selling in Infosys, Dr. Reddys and Sun Pharma kept the gains in the markets in check.

On the global front, Asian markets were trading firm after the U.S. Federal Reserve said its key interest rate would be kept near zero through 2023. Back home, in scrip specific development, Dixon Technologies jumped after the stock turned ex-stock split in the ratio of 1:5 i.e. from Rs 10 to Rs 2 and BHEL surged on emerging lowest bidder for NPCIL's Rs 10,800 crore tender.

The BSE Sensex is currently trading at 50127.27, up by 325.65 points or 0.65% after trading in a range of 49919.66 and 50296.35. 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 0.48%, while Small cap index was up by 0.04%.

The top gaining sectoral indices on the BSE were Auto up by 1.50%, Consumer Durables up by 1.49%, Metal up by 1.43%, Power up by 1.35% and Utilities was up by 1.14%, while IT down by 0.70%, Healthcare down by 0.41%, TECK down by 0.39% and Energy was down by 0.06% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 2.60%, ITC up by 2.59%, Bajaj Finance up by 2.58%, Bajaj Auto up by 2.28% and Maruti Suzuki was up by 2.11%. On the flip side, Infosys down by 1.74%, Dr. Reddys Lab down by 1.68%, Sun Pharma down by 0.83%, Asian Paints down by 0.60% and HCL Tech was down by 0.47% were the top losers.

Meanwhile, Chemicals and Fertilizers Minister D V Sadanand Gowda has said that the Indian chemical industry has an opportunity to attract investment of about Rs 10 lakh crore by 2025 and creating jobs for lakhs of persons, as the country offers a location advantage. He said coupled with enormous opportunities and high potential of the Indian chemical industry, makes it a preferred investment destination globally.

Gowda said India as a market also offers a location advantage as the Indian peninsula is centrally located between the East and West of Asia. It is also the centre of the trans-Indian ocean routes, which connect the European countries in the west and counties of East Asia. Further, he said the changing geopolitical scenario and realignment of global supply chain preference from China to elsewhere can provide India with a platform for converting challenges into opportunities.

The minister also mentioned that the 2021-22 budget announcement has been highly encouraging for the chemical and petrochemical sectors. He noted that announcements such as production linked schemes for key end-use sectors, doubling of outlay for micro-irrigation, emphasis on infrastructure spending, reduction in import duty on feedstock such as Naphtha, an increase in import duty on builder ware of plastic and polycarbonate have set the tone for the rapid growth of the sector in the years to come. Stating that the government has initiated a host of structural reforms in the sector in the last few years, he said the government on a consistent basis is taking measures to provide impetus in the chemical sector.

The CNX Nifty is currently trading at 14810.85, up by 89.55 points or 0.61% after trading in a range of 14757.90 and 14875.20. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 3.39%, Tata Motors up by 3.01%, Bajaj Auto up by 2.87%, ITC up by 2.47% and Bajaj Finance was up by 2.46%. On the flip side, Dr. Reddys Lab down by 1.79%, Infosys down by 1.70%, Coal India down by 1.07%, Divis Lab down by 0.90% and Asian Paints was down by 0.74% were the top losers.

All Asian markets were trading higher; Hang Seng increased 446.61 points or 1.54% to 29,480.73, Nikkei 225 surged 302.42 points or 1.01% to 30,216.75, Straits Times advanced 32.48 points or 1.04% to 3,142.13, KOSPI rose 18.51 points or 0.61% to 3,066.01, Taiwan Weighted strengthened 72.02 points or 0.44% to 16,287.84, Shanghai Composite gained 9.12 points or 0.26% to 3,454.67 and Jakarta Composite soared 56.03 points or 0.89% to 6,333.26.

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