The President of India is vested with Ordinance making power by Article 123. He exercises this power

In the Constitution of India, Article 123 grants the President of India the power to promulgate ordinances when either of the two houses of Parliament (i.e., Lok Sabha or Council of States, which is often referred to as Rajya Sabha) is not in session, and circumstances exist that require immediate action. So, the President can exercise this power in any of the following circumstances:

Option A: When Lok Sabha is not in session and circumstances exist that render it necessary for the President to take immediate action.
Option B: When Council of States (Rajya Sabha) is not in session, and the President is satisfied that circumstances exist which render it necessary for him to take immediate action.
Option C: When both Houses of Parliament (Lok Sabha and Rajya Sabha) are not in session, and the President is satisfied that circumstances exist which make it necessary for him to take immediate action.

Therefore, the correct answer is Option D: In all the above circumstances, as the President can exercise ordinance-making power when any of these situations apply.