Benchmarks trade flat with positive bias

Indian equity benchmarks were trading flat with positive bias in noon session, tracking mixed cues from other Asian markets. Traders took some solace with NITI Aayog Arvind Panagariya’s statement that India is poised to grow at 7-8% over the next decade and be the third largest economy by 2030 on the back of four big reforms by the government. This could even go up to 9-10% with increasing the size and scale of operation and doing away with protectionism. However, upside remain capped as citing aggressive statements by NATO and tough financial sanctions, Putin issued a directive to increase the readiness of Russia’s nuclear weapons, raising fears that the invasion of Ukraine could lead to nuclear war. Traders were seen in selling position for Bankex, Auto and Telecom stocks, while buying was witnessed in Metal, Capital Utilities and Basic Materials stocks. Further, depreciation in the rupee also dampened the sentiment.

On the global front, Asian markets were trading mixed as investor sentiments got saddled by the concerns over Western countries’ set of economic sanctions and flight bans on Russia. Back home, Government-owned insurer Life Insurance Corporation (LIC) is expected to receive approval for its draft red herring prospectus by SEBI within 10 days from now. Last week, the Union Cabinet permitted up to 20 per cent foreign direct investment (FDI) under automatic route in IPO-bound LIC with an aim to facilitate disinvestment of the country's largest insurer.

The BSE Sensex is currently trading at 55862.94, up by 4.42 points or 0.01% after trading in a range of 54833.50 and 55998.65. There were 13 stocks advancing against 17 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index lost 0.08%, while Small cap index was up by 0.21%.

The top gaining sectoral indices on the BSE were Metal up by 4.05%, Utilities up by 1.78%, Basic Materials up by 1.66%, Oil & Gas up by 1.52% and Power was up by 1.37%, while Bankex down by 0.84%, Auto down by 0.77%, Telecom down by 0.75%, FMCG down by 0.56% and Consumer Discretionary down by 0.41% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 4.31%, Power Grid Corp up by 3.12%, NTPC up by 2.07%, Tech Mahindra up by 1.40% and Reliance Industries was up by 1.27%. On the flip side, Dr. Reddy's Lab down by 2.54%, Nestle down by 1.76%, HDFC Bank down by 1.70%, Axis Bank down by 1.68% and Maruti Suzuki was down by 1.32% were the top losers.

Meanwhile, with an aim to facilitate evidence-based decision making for effective public health interventions, the Union Cabinet has approved the national roll-out of Central Sector Scheme, Ayushman Bharat Digital Mission (ABDM) of Ministry of Health and Family Welfare, Government of India, with a budget of Rs.1,600 crore for five years. The National Health Authority (NHA) will be the implementing agency of Ayushman Bharat Digital Mission.

Based on the foundations laid down in the form of Jan Dhan, Aadhaar and Mobile (JAM) trinity and other digital initiatives of the government, Ayushman Bharat Digital Mission is creating a seamless online platform through the provision of a wide-range of data, information and infrastructure services, duly leveraging open, interoperable, standards-based digital systems while ensuring the security, confidentiality and privacy of health-related personal information.

Under the ABDM, citizens will be able to create their ABHA (Ayushman Bharat Health Account) numbers, to which their digital health records can be linked. This will enable creation of longitudinal health records for individuals across various healthcare providers, and improve clinical decision making by healthcare providers. The mission will improve equitable access to quality healthcare by encouraging use of technologies such as telemedicine and enabling national portability of health services.

The CNX Nifty is currently trading at 16687.50, up by 29.10 points or 0.17% after trading in a range of 16356.30 and 16717.60. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were Hindalco up by 6.33%, Tata Steel up by 4.49%, JSW Steel up by 4.23%, BPCL up by 3.36% and Power Grid was up by 3.07%. On the flip side, Dr. Reddy's Lab down by 2.46%, HDFC Life Insurance down by 2.41%, Eicher Motors down by 1.97%, Nestle down by 1.80% and HDFC Bank was down by 1.73% were the top losers.

Asian markets were trading mixed, Shanghai Composite gained 1.90 points or 0.06% to 3,453.31, KOSPI rose 22.42 points or 0.84% to 2,699.18, and Nikkei 225 was up by 50.32 points or 0.19% to 26,526.82. On the flip side, Straits Times trembled 47.60 points or 1.44% to 3,246.87 and Hang Seng was down by 209.88 points or 0.92% to 22,557.30.