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Domestic indices trim gains in late morning deals
Sep-19-2024

Domestic equity markets trimmed some of their gains in late morning deals on account of profit booking at higher levels. Meanwhile, broader indices largely underperformed their large peers with BSE Mid cap index and Small cap index dropping in the range of 1.35-2.00%. However, markets continued to trade in green as sentiments got boost after Finance Minister Nirmala Sitharaman said India is standing out globally in terms of economic growth and will continue to do so in the next few years. Some support also came in after the U.S. Federal Reserve decision to initiate its monetary easing cycle with a substantial 50-basis-point rate cut. Fed rate action is a pivot which is likely to boost money flow to emerging markets and lead to increased demand across asset classes. In the stock specific development, Ion Exchange jumped after the company has secured an order worth Rs 161.19 crore from Adani Power.  

On the global front, Asian markets were trading mostly in green as the markets react to the US Fed's decision to lower interest rates for the first time in over four years, aggressively slashing rates by half a percentage point. Back home, on the BSE sectoral indices, traders were seen pilling up positions in FMCG, Bankex and Auto, while selling was witnessed in Capital Goods, Industrials, Oil & Gas, PSU and Telecom.

The BSE Sensex is currently trading at 83317.76, up by 369.53 points or 0.45% after trading in a range of 83284.08 and 83773.61. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.39%, while Small cap index down by 1.97%.

The top gaining sectoral indices on the BSE were FMCG up by 0.84%, Bankex up by 0.57% and Auto up by 0.20%, while Capital Goods down by 2.34%, Industrials down by 2.33%, Oil & Gas down by 2.28%, PSU down by 1.83% and Telecom down by 1.80% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 3.33%, Nestle up by 2.92%, Hindustan Unilever up by 1.68%, Titan up by 1.38% and ITC up by 1.26%. On the flip side, Adani Ports down by 1.42%, Larsen & Toubro down by 1.14%, Tata Steel down by 1.06%, TCS down by 0.73% and Bajaj Finance down by 0.64% were the top losers.

Meanwhile, net direct tax collection grew 16.12 per cent to over Rs 9.95 lakh crore so far this fiscal on higher advance tax mop up. Refunds worth over Rs 2.05 lakh crore were issued, a 56.49 per cent jump over the same period last fiscal.

The net personal income tax (PIT) collection grew 19 per cent to Rs 5.15 lakh crore between April 1, 2024 and September 17, 2024. Corporate tax collection went up 10.55 per cent to over Rs 4.52 lakh crore. Revenues from Securities Transaction Tax (STT) stood at Rs 26,154 crore. After taking into account refunds, net collection from PIT and corporate taxes stood at Rs 9,95,766 crore so far this fiscal, a growth of 16.12 per cent over the year-ago period. Advance tax collection grew 22.61 per cent to Rs 4.36 lakh crore. The growth in PIT advance tax mop up was 39.22 per cent while for corporate tax, it was 18.17 per cent.

On a gross basis, direct tax collection stood at Rs 12.01 lakh crore, a growth of 21.48 per cent so far this fiscal. The government has budgeted to collect Rs 22.12 lakh crore in the current fiscal from direct taxes (personal income tax, corporate tax and other taxes), up 13 per cent over the previous fiscal.  

The CNX Nifty is currently trading at 25470.20, up by 92.65 points or 0.37% after trading in a range of 25451.35 and 25611.95. There were 31 stocks advancing against 19 stocks declining on the index.

The top gainers on Nifty were NTPC up by 3.28%, Nestle up by 2.88%, Hindustan Unilever up by 1.79%, Tata Consumer up by 1.63% and Bajaj Auto up by 1.36%. On the flip side, BPCL down by 3.03%, Hindalco down by 1.82%, ONGC down by 1.69%, Coal India down by 1.53% and Adani Enterprises down by 1.36% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 311.34 points or 1.76% to 17,971.36, Jakarta Composite gained 68.28 points or 0.86% to 7,897.42, Shanghai Composite strengthened 17.36 points or 0.64% to 2,734.64, Straits Times rose 34.17 points or 0.95% to 3,626.59, Nikkei 225 surged 830.15 points or 2.28% to 37,210.32 and Taiwan Weighted added 311.38 points or 1.44% to 21,990.22. However, KOSPI dropped 1.10 points or 0.04% to 2,574.31.
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