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Benchmarks remain in red in morning deals
Oct-03-2023

Indian equity benchmarks remained in red in morning deals, tracking weakness in global markets amid concerns over the possibility of higher interest rates in the US. Traders also remained cautious with a private survey showed India's factory activity expanded at the slowest pace in five months in September but remained solid, with strong demand driving business confidence to its highest level this year, despite increased inflationary pressures. The Manufacturing Purchasing Managers' Index, compiled by S&P Global, fell to 57.5 last month from 58.6 in August. Traders overlooked Chief Economic Advisor (CEA) V Anantha Nageswaran’s statement that the country’s economy is poised to grow at an average of 6.5 per cent annually between 2023 and 2030. He said the global economy is going to witness a period of uncertainty, and India has to plug into the global supply chain and make itself attractive for the China-plus one strategy. Meanwhile, the data released by the Controller General of Accounts (CGA) showed the Centre's fiscal deficit in the first five months of 2023-24 touched 36 per cent of the full-year target. In absolute terms, the fiscal deficit -- the gap between expenditure and revenue -- was Rs 6.42 lakh crore as of August-end.

The BSE Sensex is currently trading at 65462.36, down by 366.05 points or 0.56% after trading in a range of 65344.59 and 65813.50. There were 10 stocks advancing against 20 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.09%, while Small cap index was up by 0.49%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 0.46%, Capital Goods up by 0.32%, Industrials up by 0.22%, Telecom up by 0.07% and FMCG up by 0.03%, while Auto down by 1.04%, Metal down by 0.72%, Oil & Gas down by 0.70%, Energy down by 0.70% and IT down by 0.60% were the top losing indices on BSE.

The top gainers on the Sensex were Hindustan Unilever up by 1.20%, Asian Paints up by 0.69%, Ultratech Cement up by 0.61%, Titan Company up by 0.58% and Larsen & Toubro up by 0.53%. On the flip side, Maruti Suzuki down by 2.28%, Tata Motors down by 1.34%, TCS down by 1.20%, HDFC Bank down by 1.03% and JSW Steel down by 1.03% were the top losers.

Meanwhile, the finance ministry has said gross goods and services tax (GST) collection rose 10 percent to over Rs 1.62 lakh crore in September 2023, crossing the Rs 1.6 lakh crore mark for the fourth time during the current financial year (FY24), as compared to Rs 1.47 lakh crore in September 2022.  

The ministry stated that gross GST revenue collected was Rs 1,62,712 crore in September. Of this, Central GST was Rs 29,818 crore, State GST was Rs 37,657 crore, Integrated GST was Rs 83,623 crore (including Rs 41,145 crore collected on import of goods) and cess was Rs 11,613 crore (including Rs 881 crore collected on import of goods).
Further, it said during the month, revenues from domestic transactions (including import of services) are 14 percent higher than the revenues from these sources during the same month last year.

The CNX Nifty is currently trading at 19502.80, down by 135.50 points or 0.69% after trading in a range of 19479.65 and 19623.20. There were 11 stocks advancing against 38 stocks declining on the index.

The top gainers on Nifty were Hindustan Unilever up by 1.23%, Adani Ports &SEZ up by 0.99%, Titan Company up by 0.57%, Ultratech Cement up by 0.52% and Asian Paints up by 0.50%. On the flip side, ONGC down by 3.81%, Eicher Motors down by 3.46%, Hindalco down by 2.46%, Maruti Suzuki down by 2.34% and Hero MotoCorp down by 1.56% were the top losers.

Asian markets are trading mostly in red; Hang Seng declined 531.29 points or 3.07% to 17,278.37, Nikkei 225 slipped 520.08 points or 1.64% to 31,239.80, Taiwan Weighted lost 65.43 points or 0.4% to 16,491.88 and Straits Times fell 26.07 points or 0.81% to 3,182.79, while Jakarta Composite gained 5.48 points or 0.08% to 6,966.94.
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