Buying interest across most sectors pushed the markets higher

Domestic stock markets started Wednesday's session on a positive note amid cautious gains in global equities, ahead of the  outcome of a two-day policy meeting of the US central bank. The S&P BSE Sensex rose 117.05 points - or 0.30 per cent - to touch 39,161.40 at the strongest level in early trade, and the broader NSE Nifty 50 benchmark climbed to as high as 11,546.55, up 24.75 points - or 0.21 per cent - from its previous close. Buying interest across most sectors pushed the markets higher.

At 9:21 am, the Sensex traded 60.91 points - or 0.16 per cent - higher at 39,105.26, while the Nifty was up 17.25 points - or 0.15 per cent - at 11,539.05. 

Analysts awaited a keynote address by Reserve Bank of India Governor Shaktikanta Das to members of industry body FICCI.

Official data earlier this week showed consumer inflation in the country eased slightly in August, but remained above the RBI's medium-term target range for a fifth straight week, supporting views that the central bank will avoid lowering key rates further in its upcoming review, in October. 

Shares in other Asian markets moved higher on Wednesday, extending a rally driven by upbeat Chinese and US economic data, as investors awaited the Federal Reserve's view on the world's largest economy at its policy meeting.

Following robust industrial output and retail sales data from China and higher US factory production investors are focusing on the US central bank's policy statement due Wednesday, the first since Chair Jerome Powell announced an increased tolerance for higher inflation.

Home ministry detailed all steps taken by the government since January to check the coronavirus pandemic.

More than 30 vaccines under trial have been supported by the government and three of them are in advance stages, the home ministry told the parliament on Wednesday. Four of these are at an advanced pre-clinical development stage, the government said.

Union Minister of State for Home Nityanand Rai also told the Rajya Sabha that 13 clinical trials of repurposed drugs have been undertaken to build a portfolio of therapeutic options for COVID-19 patients.

Mr Rai detailed all measures taken by the central government since January to check the spread of the pandemic while answering a question that sought an explanation for the surge in Covid numbers.

India's coronavirus tally has crossed the 50-lakh mark.

"More than 30 vaccine candidates, which are in different stages of development, have been supported (by the government); three (of these) candidates are at advanced stage of phases 1, 2 and 3 and more than four (candidates) are in advanced pre-clinical development stage," the home ministry said in a written reply.

A national expert group on vaccine administration for COVID-19 was also constituted on August 7 under the NITI Aayog, the statement added.

Vaccine development has five stages from pre-clinical testing to final approval. The number of subjects increases in each of the three phases of testing from a small group to hundreds and finally thousands of people.

The government also informed the Rajya Sabha that contact tracing is being conducting under the Integrated Disease Surveillance Programme, and that 40 lakh people were under surveillance.

"In the early stage of the pandemic this (contact tracing) was done for travel-related cases and subsequently for cases being reported from community (certain geographical pockets) as a part of containment strategy. As on September 10, a total of 40 lakh persons have been kept under surveillance," the ministry said.

The government also gave details about its per million testing, total number of Covid treatment facilities created, improvement in health infrastructure to fight the pandemic, guidelines for clinical management of COVID-19 and centre's logistical support to states.