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Domestic indices trim losses in late morning deals
Oct-18-2024

Domestic equity indices trimmed some losses but remained in red in late morning deals amid foreign fund outflows and disappointing earnings reports from major companies. Hectic selling in Infosys, ITC, Nestle and Tech Mahindra weighed on markets. Meanwhile, broader indices were also trading in red with BSE Mid cap index and Small cap index falling in the range of 0.35-0.65%. Traders were concerned as the State Bank of India (SBI) in its report stated that India's imported inflation reached a 13-month high in September 2024, growing by 2 per cent. On the BSE sectoral front, traders were seen pilling up positions in Bankex, Utilities, Metal, Auto and Power, while selling was witnessed in IT, TECK, FMCG, Oil & Gas and Energy. 

On the global front, Asian markets were mostly trading in green as China’s third-quarter GDP grew 4.6% compared to the same period last year, slightly above estimates by street. Back home, in the stocks specific development, Western Carriers rose after the company has been selected as the sole supply chain partner for in-plant logistics & container rake transportation from Tata Steel Limited for Tata Steel Sponge Iron Joda (TSSIJ) unit.

The BSE Sensex is currently trading at 80838.08, down by 168.53 points or 0.21% after trading in a range of 80409.25 and 80951.55. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.36%, while Small cap index down by 0.64%.

The top gaining sectoral indices on the BSE were Bankex up by 0.85%, Utilities up by 0.53%, Metal up by 0.41%, Auto up by 0.39% and Power up by 0.25%, while IT down by 2.11%, TECK down by 1.75%, FMCG down by 0.93%, Oil & Gas down by 0.85% and Energy down by 0.69% were the top losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 4.75%, Tata Motors up by 1.69%, ICICI Bank up by 1.25%, NTPC up by 1.20% and Sun Pharma up by 1.15%. On the flip side, Infosys down by 4.99%, ITC down by 1.78%, Nestle down by 1.67%, Tech Mahindra down by 1.50% and HCL down by 0.96% were the top losers.

Meanwhile, Direct tax collections have surged 182 per cent to over Rs 19.60 lakh crore in 2023-24 in the 10-year period of Prime Minister Narendra Modi-led government. The latest ‘Time Series Data’ released by the income tax department showed that the corporate tax collections more than doubled to over Rs 9.11 lakh crore in 10 years to 2023-24 fiscal. Personal income tax mop up grew close to four-fold to Rs 10.45 lakh crore during the period.

In the first year of the Modi government in 2014-15, direct tax collection was about Rs 6.96 lakh crore. This included about Rs 4.29 lakh crore of corporate tax and Rs 2.66 lakh crore of personal income tax. The number of income tax returns filed (including revised returns) increased from over 4.04 crore in 2014-15 fiscal to over 8.61 crore in 2023-24.

Direct tax-to-GDP ratio increased from 5.55 per cent in 2014-15 to 6.64 per cent in 2023-24. Tax buoyancy, which measures revenue mobilisation efficiency with respect to GDP growth, increased from 0.86 to 2.12 in the 10-year period. The number of taxpayers increased from 5.70 crore in Assessment Year (AY) 2014-15 to 10.41 crore in 2023-24 AY.

The CNX Nifty is currently trading at 24724.55, down by 25.30 points or 0.10% after trading in a range of 24567.65 and 24754.00. There were 29 stocks advancing against 21 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 4.91%, Eicher Motors up by 2.96%, Wipro up by 2.68%, Tata Motors up by 1.87% and HDFC Life Insurance up by 1.55%. On the flip side, Infosys down by 4.82%, ITC down by 1.83%, Nestle down by 1.66%, BPCL down by 1.40% and Britannia Inds down by 1.17% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 412.37 points or 2.05% to 20,491.47, Jakarta Composite gained 0.93 points or 0.01% to 7,735.97, Shanghai Composite strengthened 62.82 points or 1.98% to 3,232.20, Straits Times rose 15.51 points or 0.43% to 3,640.76, Nikkei 225 surged 80.36 points or 0.21% to 38,991.55 and Taiwan Weighted added 433.43 points or 1.88% to 23,487.27. However, KOSPI dropped 15.60 points or 0.6% to 2,593.70.
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