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Local equity benchmarks erased all the losses to turn positive in afternoon session, both Sensex and Nifty were trading above 58500 and 17450 marks, respectively. Broader indices outperforming larger counterparts which were trading with gains in the range of 1.27%-1.43%. Traders got support as country's exports rose 18.8 per cent to $20.01 billion during the three week period of this month (November 1-21), due to healthy growth in sectors such as petroleum products, engineering goods, chemicals and gems and jewellery. However, upside remain capped as traders were worried on continuous outflow of foreign capital, yet for another day foreign institutional investors (FIIs) stood as net sellers in the capital market, as they offloaded shares worth Rs 3,438.76 crore in the Indian equity market on November 22, as per provisional data available on the NSE.

On the global front, Asian markets were trading mostly lower after Federal Reserve Chair Jerome Powell's renomination for a second term bolstered bets of a possibly quicker start to policy tightening in the United States. Closer home, all sectoral indices on BSE were trading into positive territory, stocks from metal, consumer realty and utilities counters were the prominent gainers of the session. The overall market breadth on BSE was in the favour of advances which thumped declines in the ratio of 2217: 930; while 147 shares remained unchanged.

The BSE Sensex is currently trading at 58530.26, up by 64.37 points or 0.11% after trading in a range of 57718.34 and 58602.71. There were 20 stocks advancing against 9 stocks declining, while 1 stock remain unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index rose 1.27%, while Small cap index was up by 1.43%.

The top gaining sectoral indices on the BSE were Metal up by 3.17%, Realty up by 2.36%, Utilities up by 2.27%, Basic Materials up by 1.92% and Power was up by 1.65%, while there were no loosing indices on the BSE sectoral front.

The top gainers on the Sensex were Tata Steel up by 2.98%, Power Grid up by 2.96%, Bharti Airtel up by 1.54%, Sun Pharma up by 1.37% and Bajaj Finserv was up by 1.30%. On the flip side, Indusind Bank down by 1.86%, Asian Paints down by 1.50%, Infosys down by 0.95%, ICICI Bank down by 0.44% and Hindustan Unilever was down by 0.44% were the top losers.

Meanwhile, Credit ratings agency ICRA in its latest report has said that domestic two-wheeler (2W) volume is expected to contract by 1-4 percent year-on-year this fiscal (FY22), as the relentless increase in 2W prices during the year and record-high petrol rates have kept consumers away from dealerships. Further, it said that the lacklustre festive season performance also highlights the continued wariness among the low-income population regarding big-ticket purchases.

ICRA stated that the sales of 8.05 million two-wheelers in the domestic market in April-October period of FY2022 are flattish on a YoY basis despite a severely contracted base. It said while the demand for premium two-wheelers, which comprise around 15 per cent of the overall domestic volumes, has fared relatively better, the OEMs have faced supply constraints due to semi-conductor chip shortages. It said overall, given the existing inventory at dealerships post-festive season (40-45 days), a high growth in wholesale dispatches in the remaining part of the fiscal is unlikely.

According to the report, the entry-segment (75-110cc), which dominates two-wheeler sales in India, has remained subdued this year, reflecting extensive (and extended) impact of the second wave of the pandemic. It added that income uncertainties, caused by job losses, salary cuts or limited increments, while facing Covid-related medical expenses (actual or anticipated) and skyrocketing cost of two-wheeler ownership, have led to purchase deferrals this festive season.

The CNX Nifty is currently trading at 17455.45, up by 38.90 points or 0.22% after trading in a range of 17216.10 and 17486.40. There were 38 stocks advancing against 12 stocks declining on the index.

The top gainers on Nifty were JSW Steel up by 4.15%, Coal India up by 3.12%, Power Grid up by 2.99%, Tata Steel up by 2.80% and Divi's Lab was up by 2.14%. On the flip side, Indusind Bank down by 1.96%, Asian Paints down by 1.55%, Infosys down by 1.00%, Shree Cement down by 0.58% and Hindustan Unilever was down by 0.48% were the top losers.

Asian markets were trading mostly lower; KOSPI fell 15.13 points or 0.5% to 2,998.12, Straits Times trembled 6.26 points or 0.19% to 3,230.82, Hang Seng decreased 291.56 points or 1.17% to 24,659.78, Jakarta Composite lost 41.96 points or 0.62% to 6,681.43 and Taiwan Weighted was down by 137.42 points or 0.77% to 17,666.12.

On the flip side, Shanghai Composite was up by 8.91 points or 0.25% to 3,590.99.

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