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Indian markets ended their 3-day losing streak on Tuesday and closed with gains as investors scooped up IT, metal and consumption stocks amid a largely positive trend overseas. Today, markets are likely to start session on positive note tracking firm global cues. Traders will be taking encouragement as the Organisation for Economic Cooperation and Development (OECD), the Paris-based intergovernmental body that focuses on economic policy reports in its latest Economic Outlook said that India, with a growth rate of 6.6 per cent in this financial year, is set to be the second-fastest growing economy in the G20 in FY 2022-23 behind Saudi Arabia, despite decelerating global demand and the tightening of monetary policy to manage inflationary pressures. Also, Moody's Investors Service said the trend of gradual fiscal consolidation remains intact for India and going forward the country will see strong revenue performance and debt stablisation. Some support will come as highlighting the Centre's efforts in creating employment opportunities, Union Railway Minister Ashwini Vaishnaw said that about 16 lakh jobs are being generated every month by the central government. Traders may take note of the Securities and Exchange Board of India’s (SEBI) November Bulletin stating that India’s holdings of US Treasury Securities increased 4.3% on-month and 1.9% on a year-on-year basis in August to $221.2 billion. Besides, commerce and industry minister Piyush Goyal said the proposed free trade agreement (FTA) between India and the UK is a high priority for both the countries and the next round of negotiations for the pact is slated to happen next month. However, some cautiousness may come as foreign institutional investors (FIIs) have net sold shares worth Rs 697.83 crore on November 22, as per provisional data available on the NSE. There will be some reaction in telecom stocks as telecom regulator's data showed that India's total mobile subscriber base fell by 3.6 million in September, with Vodafone Idea suffering subscriber count decline even as larger rivals Reliance Jio and Bharti Airtel added users month-on-month. Meanwhile, Inox Green Energy Services will make its debut on the bourses today. The issue price has been fixed at Rs 65 per share.

The US markets ended higher on Tuesday as a sales forecast by Best Buy dampened concerns high inflation would lead to a dismal holiday shopping season while a bounce in oil prices helped lift energy shares. Asian markets are trading mostly in green on Wednesday despite rising COVID-19 cases in mainland China leaving investors uncertain over how much the fresh outbreaks could slow the reopening of the world's second-largest economy.

Back home, snapping a three-day losing streak, Indian benchmark indices ended Tuesday’s session with gains of around half percent, led by gains in Metal, IT and TECK stocks.  Markets made a cautious start, as traders were worried after rating agencies Crisil and Icra revised down their India growth projections for the current fiscal and the second quarter mainly due to the ripple effect of slowdown in global growth and mixed crop output. Crisil downgraded the India growth forecast by 30 bps to 7 per cent while Icra pegged the economic expansion at 6.5 per cent for the second quarter of FY2022-23. However, indices quickly moved to green and remained in that zone throughout the session as India and the European Union (EU) signed an agreement on cooperation in areas such as climate modelling and quantum technologies, building on the Trade and Technology Council launched by the two sides earlier this year. Sentiments remained positive as the Centre said the number of beneficiaries under the PM-KISAN scheme has crossed 10 crore, increasing more than three-fold from 3.16 crore farmers covered under the first instalment period in early 2019. Traders took a note of report that DEA Secretary Ajay Seth has exhorted multilateral development banks (MDBs) to explore more private sector investment opportunities to facilitate further crowding-in of private financial resources. He highlighted huge opportunities to scale-up investments in India's key priority areas, including green energy and urban infrastructure. Meanwhile, Finance Minister Nirmala Sitharaman will hold pre-budget consultations with her state counterparts on Friday. Finally, the BSE Sensex rose 274.12 points or 0.45% to 61,418.96 and the CNX Nifty was up by 84.25 points or 0.46% to 18,244.20.

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