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Indian equity markets ended higher on Tuesday led by Consumer Durables, Financial Services and Bankex stocks. Today, markets are likely to make positive start amid positive global market cues as investors await US Federal Reserve’s rate hike decision which will be announced late evening today. Traders may get support as the Reserve Bank of India (RBI) in its article has said unlike the global economy, India would not slow down and maintain the pace of expansion achieved in 2022-23. It said the NSO's end-February data release indicates that the Indian economy is intrinsically better positioned than many parts of the world to head into a challenging year ahead, mainly because of its demonstrated resilience and its reliance on domestic drivers. It said even as global growth is set to slow down or even enter a recession in 2023 as global financial markets wager, India has emerged from the pandemic years stronger than initially thought, with a steady gathering of momentum since the second quarter of the current financial year. Traders may take note of report that the bank accounts of non-resident Indians (NRIs) received $5.95 billion during April 2022-January 2023, more than doubling from the $2.7 billion in the equivalent period in FY22. There may be some buzz in real estate sector related stocks as Colliers India and FICCI in report said that leasing of office space across six major cities may fall by 25-30 per cent this calendar year to 35-38 million square feet on subdued demand. These six cities are Delhi-NCR, Mumbai, Bengaluru, Hyderabad, Chennai and Pune. There may be some buzz in automobile industry related stocks as Union Minister of State for Heavy Industries Krishan Pal Gurjar said total sales of electric vehicles in the year 2022 stood at 10,15,196 as against 3,27,976 in the previous year 2021. Total 2,56,980 EVs have been registered in the current year till March 15. Moreover, Tyre industry related stocks might be in focus as private report stated domestic tyre industry is expected to witness double-digit growth next fiscal with the automobile industry back on full swing.

The US markets ended higher on Tuesday as traders became optimistic on the financial sector’s outlook following Treasury Secretary Janet Yellen’s reassurances to safeguard against further banking crises. Asian markets were trading in green in early deals on Wednesday following the broadly positive cues from global markets overnight.

Back home, Indian equity markets witnessed a relief rally and logged strong gains on Tuesday, amid improved global sentiment. Benchmarks started the session on an optimistic note and stayed in green for the whole day, as sentiments got a boost with the Finance Ministry stating that Indian economy is expected to grow at 7 per cent in FY23 despite global headwinds. It noted that supported by the gains from high services exports, the moderation in oil prices, and the recent fall in import-intensive consumption demand, India's current account deficit is estimated to fall in FY23 and FY24, providing a buffer to the rupee in uncertain times. Some optimism also came with Minister of State for Finance Bhagwat K Karad stating that the government has taken various reforms following which asset quality of public sector banks has improved significantly with gross NPA ratio declining from the peak of 14.6 per cent in March 2018 to 5.53 per cent in December 2022.  Markets extended gains in second half of the session, taking support from the Retirement fund body, Employees' Provident Fund Organisation’s (EPFO) latest Provisional Estimate of Net Payroll data report showing that India created 1485948 new jobs in the month of January 2023 as against revised figure of 1280613 in December 2022. Traders overlooked the Ministry of Labour and Employment’s statement that retail inflation for agricultural and rural workers increased to 6.94 per cent and 6.87 per cent, respectively, in February 2023, due to increases in prices of medicines, doctor's fees, and bus fares, among others. Traders also paid no heed towards a private report stating that India’s economic activity held steady in February though there were early signs of slowing consumption amid concerns of future growth prospects and hawkish monetary policy.  Finally, the BSE Sensex rose 445.73 points or 0.77% to 58,074.68 and the CNX Nifty was up by 119.10 points or 0.70% to 17,107.50.