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Indian equity benchmarks were holding gains in early afternoon session, with both Sensex and Nifty trading around 0.40% higher, aided by positive cues from other Asian markets and heavy buying at Realty and Metal counters. Traders remained optimistic as India’s inflation based on wholesale price index (WPI) eased further to 5.85% in the month of November 2022 as against 8.39% recorded in October 2022, primarily contributed by fall in prices of food articles, basic metals, textiles, chemicals & chemical products and paper & paper products as compared to the corresponding month of the previous year. The wholesale inflation was 10.70% in September 2022. The street took a note of report that India is likely to see over 100 mature, large-scale profitable or on the path to profitability startups in the next five years, of which 80 have the potential to go for public listing.

On the global front, Asian markets were trading mostly in green after the value of core machine orders in Japan was up a seasonally adjusted 5.4 percent on month in October, coming in at 914.7 billion yen. That beat forecasts for an increase of 2.6 percent following the 4.6 percent decline in September. On a yearly basis, core machine orders added 0.4 percent - well shy of expectations for 2.6 percent and slowing from 2.9 percent in the previous month.

The BSE Sensex is currently trading at 62759.20, up by 225.90 points or 0.36% after trading in a range of 62674.18 and 62835.11. 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 0.62%, while Small cap index was up by 0.73%.

The top gaining sectoral indices on the BSE were Realty up by 1.72%, Metal up by 1.39%, PSU up by 1.14%, Power up by 1.12% and Utilities up by 1.10%, while Telecom down by 0.25% and FMCG down by 0.20% were the only losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.74%, Power Grid up by 1.50%, Tech Mahindra up by 1.24%, Tata Steel up by 1.21% and SBI up by 1.19%. On the flip side, Nestle down by 1.60%, Bharti Airtel down by 0.86%, Asian Paints down by 0.54%, Hindustan Unilever down by 0.43% and ICICI Bank down by 0.31% were the top losers.

Meanwhile, Minister of State (MoS) for Finance Pankaj Chaudhary has said that sovereign Green Bonds are likely to be issued during the January-March period of the current fiscal (Q4FY23). He said the objective of Sovereign Green Bonds is to mobilize resources for green infrastructure as part of the government's overall market borrowings in 2022-23.

Chaudhary said the framework for these bonds has been brought out. The bonds are likely to be issued from January to March 2023. The proceeds will be deployed in public sector projects which help in reducing carbon intensity of the economy. As global spillovers from geo-political tensions and aggressive monetary policy tightening across the world intensified alongside a surge in crude oil prices, the US dollar strengthened by 7.8 per cent in the financial year (till November 30).

While the rupee has witnessed a depreciation of 6.9 per cent in the current financial year till November 30, 2022, the minister said, it has performed better than most Asian peer currencies, including the Chinese Renminbi (10.6 per cent), Indonesian Rupiah (8.7 per cent), Philippine Peso (8.5 per cent), South Korean Won (8.1 per cent), Taiwanese Dollar (7.3 per cent) etc during the financial year. The Reserve Bank of India (RBI) closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band. 

The CNX Nifty is currently trading at 18680.90, up by 72.90 points or 0.39% after trading in a range of 18651.65 and 18696.10. There were 39 stocks advancing against 11 stocks declining on the index.

The top gainers on Nifty were ONGC up by 2.63%, Hindalco Industries up by 2.58%, Eicher Motors up by 2.17%, NTPC up by 1.77% and JSW Steel up by 1.50%. On the flip side, Nestle down by 1.50%, Bharti Airtel down by 0.84%, Asian Paints down by 0.53%, ICICI Bank down by 0.50% and Hindustan Unilever down by 0.48% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted strengthened 216.40 points or 1.49% to 14,739.36, Nikkei 225 surged 201.36 points or 0.72% to 28,156.21, Hang Seng increased 134.41 points or 0.69% to 19,730.61, KOSPI rose 26.85 points or 1.13% to 2,399.25 and Straits Times advanced 12.53 points or 0.38% to 3,283.81, while Shanghai Composite declined 4.34 points or 0.14% to 3,171.99 and Jakarta Composite lost 26.92 points or 0.4% to 6,783.40.

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