Indian equity markets added more points and were trading higher by over quarter percent in late morning deals on account of buying by funds and retail investors. Meanwhile, broader indices underperformed their large peer with BSE Mid cap index and Small cap index gaining in the range of 0.05-0.20%. Positive cues from the global markets supported domestic sentiments. Traders took note of private report that the Reserve Bank of India (RBI) should move away from its recent neutral policy stance and deliver an additional 50 basis points of rate cuts over the next 12 months. On the sectoral front, Utilities, Energy, FMCG, Auto and Power witnessed the maximum gains in trade, while Realty, Telecom, Healthcare, Consumer Durables and TECK remained the top losers on the BSE sectoral space.

On the global front, Asian markets were trading mostly in green following positive cues from US markets overnight. Back home, in the stock specific development, Reliance Industries gained after its FMCG subsidiary Reliance Consumer Products forayed into the pet care segment with the launch of Waggies.

The BSE Sensex is currently trading at 85434.35, up by 247.88 points or 0.29% after trading in a range of 85201.22 and 85483.10. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.08%, while Small cap index up by 0.20%.

The top gaining sectoral indices on the BSE were Utilities up by 0.66%, Energy up by 0.65%, FMCG up by 0.53%, Auto up by 0.50% and Power up by 0.50%, while Realty down by 0.19%, Telecom down by 0.15%, Healthcare down by 0.15%, Consumer Durables down by 0.14% and TECK down by 0.10% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 1.48%, Reliance Industries up by 1.41%, Bajaj Finserv up by 1.20%, Bajaj Finance up by 1.09% and Adani Ports up by 0.95%. On the flip side, Asian Paints down by 0.70%, HCL Technologies down by 0.61%, Sun Pharma down by 0.55%, Kotak Mahindra Bank down by 0.38% and Maruti Suzuki down by 0.38% were the top losers.

Meanwhile, with aim to ensure the integrity of a resolution process, the Insolvency and Bankruptcy Board of India (IBBI) has asked resolution professionals to submit detailed notes on bidders' compliance with the insolvency law's Section 29A that bars unscrupulous entities from participating in the process. The detailed notes have to be provided to the Committee of Creditors (CoC) when the resolution plans are considered.

The IBBI has been working on ways to boost the ecosystem under the Insolvency and Bankruptcy Code (IBC) that provides for a market-linked and time-bound resolution of stressed assets. Further, it has emphasized the importance of due diligence with respect to section 29A compliance in order to safeguards the integrity of the process. This ensures that only credible resolution applicants participate in the process and also reduces the risk of legal challenges post-approval of resolution plan.

Section 29A lays down the ineligibility criteria for resolution applicants, including barring promoters of companies undergoing resolution process from the bidding process. The resolution professionals and prospective resolution applications are required to comply with various requirements under the IBC to ensure a credible process. Among other requirements, an applicant should submit an undertaking with the Expression of Interest confirming they are not ineligible for bidding.

The CNX Nifty is currently trading at 26136.60, up by 83.95 points or 0.32% after trading in a range of 26063.20 and 26145.05. There were 36 stocks advancing against 14 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 2.91%, Tech Mahindra up by 1.73%, Reliance Industries up by 1.44%, Bajaj Finserv up by 1.24% and Bajaj Auto up by 1.22%. On the flip side, Max Healthcare down by 1.17%, HDFC Life Insurance down by 0.79%, Asian Paints down by 0.66%, HCL Technologies down by 0.60% and Sun Pharma down by 0.52% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 1324.3 points or 2.73% to 49,862.00, Taiwan Weighted added 899.36 points or 3.27% to 27,479.48, Jakarta Composite gained 67.81 points or 0.8% to 8,474.39, KOSPI increased 97.53 points or 2.48% to 4,027.04 and Straits Times rose 10.48 points or 0.23% to 4,515.70. However, Shanghai Composite weakened 2.89 points or 0.07% to 3,943.85 and Hang Seng declined 39.65 points or 0.15% to 25,791.00.