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Indian equity markets maintained gains in afternoon session on Wednesday as hopes of a resolution in Russia-Ukraine talks boosted market sentiment amid positive trend in global markets. Ukrainian President Volodymyr Zelenskiy’s states that peace talks were sounding more realistic but more time was needed, even as Russian air strikes continued and the refugee tally from Moscow's invasion reached 3 million. Sentiments were also upbeat as Finance Ministry in its Monthly Economic Review report has said that the Indian economy is well prepared to absorb any upcoming external shock in terms of capital outflow induced by an uncertain geo-political environment, however inflation remains a concern. In currency markets, Indian rupee appreciates against American currency on bouts of dollar-selling from banks, exporters. Investors are eyeing volatility in oil prices and the U.S. Federal Reserve, which is expected to raise rates for the first time in three years and give guidance on future tightening.

On the global front, all Asian markets were trading firm on rising hopes that Beijing will roll out more economic stimulus, while investors continued to watch Ukraine-Russia peace talks and the U.S. Federal Reserve. Back home, the market breadth was favoring positive trend, there were 2297 shares on the gaining side against 997 shares on the losing side while 110 shares remain unchanged.

The BSE Sensex is currently trading at 56631.92, up by 855.07 points or 1.53% after trading in a range of 56389.26 and 56761.01. There were 29 stocks advancing against 1 stock declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.44%, while Small cap index was up by 1.31%.

The top gaining sectoral indices on the BSE were Realty up by 2.31%, Consumer Durables up by 2.14%, Metal up by 2.10%, Basic Materials up by 2.03% and Bankex was up by 1.92%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Axis Bank up by 3.48%, Ultratech Cement up by 3.24%, Indusind Bank up by 3.19%, Bajaj Finserv up by 2.59% and HDFC was up by 2.51%. On the flip side, Sun Pharma was down by 0.76% were the only loser.

Meanwhile, Automotive Component Manufacturers Association of India's (ACMA's) President Sunjay J Kapur has said that the approval granted by the government to 75 auto component manufacturers for incentives under the production-linked incentive (PLI) scheme will act as a catalyst in the transformational journey from a conventional industry to a mobility industry.

Kapur said out of a total of 92 auto component manufacturers that applied, 75 have been approved for incentives under the PLI scheme for five years. He also said a slew of policy measures announced in the recent past by the government will create a new paradigm of technological excellence in the automotive supply chain in India to make it globally competitive.

The government said that the PLI Scheme for Automobile and Auto Components has been successful in attracting a proposed investment of Rs 74,850 crore against the target estimate of investment of Rs 42,500 crore over five years. The scheme commencing from FY22-23 has an outlay of Rs 25,938 crore.

The CNX Nifty is currently trading at 16913.65, up by 250.65 points or 1.50% after trading in a range of 16837.85 and 16942.60. There were 48 stocks advancing against 2 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 3.54%, Ultratech Cement up by 3.28%, Indusind Bank up by 3.07%, Bajaj Finserv up by 2.53% and Tata Motors was up by 2.48%. On the flip side, Cipla down by 1.22% and Sun Pharma was down by 0.76% were the only losers.

All Asian markets were trading higher; Taiwan Weighted strengthened 14.77 points or 0.09% to 16,940.83, Shanghai Composite gained 105.70 points or 3.45% to 3,169.67, KOSPI rose 35.92 points or 1.37% to 2,657.45, Hang Seng increased 1444.84 points or 7.85% to 19,859.92, Jakarta Composite soared 32.28 points or 0.47% to 6,950.47, Straits Times advanced 44.46 points or 1.37% to 3,280.50 and Nikkei 225 was up by 415.53 points or 1.64% to 25,762.01.

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