Indian equity markets continued to trade in green in morning deals, amid optimistic global trends on growing hopes of a US Fed rate cut. The markets also found support from fresh inflow of foreign capital into domestic stock markets and lower crude oil prices in the international market. Foreign institutional investors purchased equities worth Rs 4,778.03 crore on a net basis on Wednesday, according to exchange data. Traders took support with report stated that the government is likely to provide subsidy benefits in the range of 2.5-3 per cent under the Interest Equalisation Scheme to exporters in certain sectors for pre- and post-shipment credit. On the global front, Asian markets were trading mostly in green following the broadly positive cues from Wall Street, fueled by heightened expectations of an interest rate cut by the Federal Reserve in December. 

The BSE Sensex is currently trading at 85923.24, up by 313.73 points or 0.37% after trading in a range of 85646.22 and 86026.18. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index rose 0.02%, while Small cap index was down by 0.02%.

The top gaining sectoral indices on the BSE were IT up by 0.46%, Telecom up by 0.45%, Industrials up by 0.34%, TECK up by 0.33% and Bankex up by 0.28%, while Oil & Gas down by 0.66%, Realty down by 0.55%, Energy down by 0.44%, Capital Goods down by 0.23% and Consumer Durables down by 0.22% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 2.60%, Larsen & Toubro up by 1.62%, Bajaj Finserv up by 1.33%, HDFC Bank up by 1.03% and Asian Paints up by 0.94%. On the flip side, Eternal down by 1.12%, Ultratech Cement down by 0.64%, Power Grid Corporation down by 0.45%, Trent down by 0.41% and Tata Steel down by 0.38% were the top losers.

Meanwhile, with an aim of enhancing self-reliance and positioning India as a key player in the global Rare Earth Permanent Magnet (REPM) market, the Union Cabinet has approved 'Scheme to Promote Manufacturing of Sintered Rare Earth Permanent Magnets' with an outlay of Rs 7,280 crore. The scheme is aimed at creating capacity of 6,000 MTPA (metric tonne per annum) of integrated REPM manufacturing in India. The scheme will support the creation of integrated REPM manufacturing facilities, involving conversion of rare earth oxides to metals, metals to alloys, and alloys to finished REPMs.

The scheme comprised of a sales-linked incentives of Rs 6450 crore on REPM sales for five years and capital subsidy of Rs 750 crore for setting up an aggregate of 6,000 MTPA of REPM manufacturing facilities. The scheme envisions allocating the total capacity to five beneficiaries through a global competitive bidding process. Each beneficiary will be allotted up to 1,200 MTPA of capacity.  The total duration of the scheme will be 7 years from the date of award, including a 2-year gestation period for setting up an integrated REPM manufacturing facility, and 5 years for incentive disbursement on the sale of REPM.

REPMs are one of the strongest types of permanent magnets and are vital for electric vehicles, renewable energy, electronics, aerospace, and defence applications. Driven by the rapidly growing demand from electric vehicles, renewable energy, industrial applications, and consumer electronics, India's consumption of REPMs is expected to double by 2030 from 2025. Currently, the country's demand for REPMs is met primarily through imports. With this initiative, India will establish its first ever integrated REPM manufacturing facilities, generating employment, strengthening self-reliance and advancing the nation's commitment to achieve Net Zero by 2070.

The CNX Nifty is currently trading at 26285.80, up by 80.50 points or 0.31% after trading in a range of 26208.90 and 26306.95. There were 25 stocks advancing against 25 stocks declining on the index.

The top gainers on Nifty were Bajaj Finance up by 2.83%, Larsen & Toubro up by 1.49%, Bajaj Finserv up by 1.40%, Shriram Finance up by 1.06% and HDFC Bank up by 1.02%. On the flip side, Eicher Motors down by 1.65%, Eternal down by 1.11%, HDFC Life Insurance down by 1.08%, ONGC down by 0.99% and SBI Life Insurance down by 0.98% were the top losers.

Asian markets were trading mostly in green; Nikkei 225 surged 546.93 points or 1.1% to 50,106.00, Taiwan Weighted added 105.88 points or 0.39% to 27,515.42, Shanghai Composite strengthened 19.55 points or 0.51% to 3,883.73, KOSPI increased 18.39 points or 0.46% to 3,979.26, Hang Seng advanced 108.92 points or 0.42% to 26,037.00 and Straits Times rose 15.99 points or 0.36% to 4,517.55.

On the flip side, Jakarta Composite plunged 44.71 points or 0.52% to 8,557.42.