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Indian stock markets pared most of their initial gains as traders opted to book profit in risky assets on report that foreign institutional investors (FIIs) stood as net sellers in the capital market as they offloaded shares worth Rs 1,092.40 crore on Friday, exchange data showed. However, key gauges managed to trade in green in noon deals on the back of buying in Metal, Bankex and Power stocks. Buying in frontline stocks such as Axis Bank, Tech Mahindra Power Grid were aiding sentiment, while selling in Bajaj Finance, Bajaj Finserv and Reliance Industries kept the gains in the markets in check. Traders took support with Union minister Amit Shah’s statement that policies were framed after hours of brainstorming and studying all the aspects in order to bring back pre-pandemic levels of economic growth. He also said the policies which became hurdles in bringing industry, affected 'Make In India' or obstructed 'Atmanirbhar Bharat' were changed during the coronavirus period. On the global front, Asian markets were trading mostly higher as investors turn their focus to a number of monetary policy meetings happening this week.

The BSE Sensex is currently trading at 58879.32, up by 92.65 points or 0.16% after trading in a range of 58836.59 and 59203.37. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.49%, while Small cap index was up by 0.93%.

The top gaining sectoral indices on the BSE were Metal up by 1.27%, Bankex up by 1.15%, Power up by 0.99%, Consumer Durables up by 0.91% and Basic Materials was up by 0.91%, while Energy down by 0.83%, FMCG down by 0.21% and Oil & Gas was down by 0.13% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 3.46%, Tech Mahindra up by 2.85%, Power Grid up by 1.88%, Maruti Suzuki up by 1.73% and Titan Company was up by 1.18%. On the flip side, Bajaj Finance down by 2.40%, Bajaj Finserv down by 1.38%, Reliance Industries down by 1.22%, Nestle down by 1.16% and Hindustan Unilever was down by 0.86% were the top losers.

Meanwhile, IT and Communications Minister Ashwini Vaishnaw has said that electronics production in India grew at a compound annual growth rate of 17 percent in the last 5 years and reached its all-time high at Rs 5,33,670 crore in 2020-21. He said that many policies of the government including the flagship Production Linked Incentive (PLI) scheme, Scheme for Promotion of Manufacturing of Electronic Components and Semiconductors (SPECS), Modified Electronics Manufacturing Cluster (EMC 2.0) are major steps towards making India 'atmanirbhar' in electronics manufacturing. As a result, domestic electronic production has increased from Rs 1,90,366 crore in 2014-15 to Rs 5,33,670 crore in 2020-21.

The minister stated that the growth in production remained almost flat in 2020-21 compared to production worth Rs 5,33,550 crore in 2019-20. The import of electronics chips fell 5.7 per cent to Rs 67,496 crore in 2020-21 from Rs 71,581 crore in 2019-20 and export increased by 17 per cent to Rs 2,064 crore from Rs 1,752 crore in 2019-20.

He said the government has approved an application for setting up of Assembly, Testing, Marking and Packaging (ATMP) of NAND Flash memory under the PLI scheme for large scale electronics manufacturing. He added that PLI for 'Large Scale Electronics Manufacturing' offered a production linked incentive to boost domestic manufacturing and attract large investments in mobile phone manufacturing and specified electronic components, including ATMP units.

The CNX Nifty is currently trading at 17542.05, up by 30.75 points or 0.18% after trading in a range of 17533.30 and 17639.50. There were 30 stocks advancing against 20 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 3.26%, Tech Mahindra up by 2.83%, Hindalco up by 2.78%, SBI Life Insurance up by 2.35% and Divi's Lab was up by 1.87%. On the flip side, Bajaj Finance down by 2.33%, Reliance Industries down by 1.33%, Bajaj Finserv down by 1.29%, Nestle down by 1.07% and Hindustan Unilever was down by 0.92% were the top losers.

Asian markets were trading mostly higher; Jakarta Composite soared 22.99 points or 0.35% to 6,675.91, Shanghai Composite gained 17.74 points or 0.48% to 3,684.09, Hang Seng increased 100.63 points or 0.42% to 24,096.35, Straits Times advanced 0.48 points or 0.02% to 3,136.09 and Nikkei 225 was up by 202.72 points or 0.71% to 28,640.49.

On the flip side; Taiwan Weighted dropped 58.66 points or 0.33% to 17,767.60 and KOSPI was down by 8.57 points or 0.28% to 3,001.66.

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