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Sensex, Nifty trade higher in early deals
Jan-02-2025

Indian equity benchmarks started the session in green on Thursday despite mostly negative cues from Asian counterparts as most major global markets returned from the New Year's Day break. Investors are eyeing India’s Manufacturing PMI data for December, to be out later in the day for more directional cues. Sensex and Nifty are trading higher with decent gains in early deals. Some support came as provisional data released by the government showed that the net goods and services tax (GST) collection grew marginally by 3.3 per cent Y-o-Y to Rs 1.54 trillion in December, amid an increase in refunds. Traders took note of Agriculture Minister Shivraj Singh Chouhan’s statement that the country's agriculture and allied sector is expected to grow at 3.5-4 per cent in 2024-25, marking a significant improvement from the 1.4 per cent rise recorded in FY24.

On the global front, Asian markets are trading mostly lower as traders cautiously await a slew of data from the region later in the week. Some are also booking profits after the recent strength in the markets. Volumes were light amid holidays in Japan and New Zealand.

Back home, auto stocks are trading higher with report that the domestic passenger vehicle (PV) wholesales in the Indian automobile industry rose by 11 per cent Y-o-Y in December to 320,000 units, driven by strong demand for SUVs (sports utility vehicles), a robust recovery in the urban market, year-end discounts, and solid sales of CNG-powered cars. In stock specific development, South Indian Bank traded higher as its gross advances grew 11.94 per cent Y-o-Y to Rs 77,686 crore as compared to Rs 86,965 crore a year ago.

The BSE Sensex is currently trading at 78763.41, up by 256.00 points or 0.33% after trading in a range of 78542.37 and 78822.46. There were 19 stocks advancing against 8 stocks declining, while 3 stocks remained unchanged on the index.

The broader indices were trading mixed; the BSE Mid cap index fell 0.02%, while Small cap index was up by 0.29%.

The top gaining sectoral indices on the BSE were IT up by 0.99%, TECK up by 0.87%, Auto up by 0.39%, Telecom up by 0.26% and Oil & Gas up by 0.23%, while Power down by 0.44%, Healthcare down by 0.36%, Capital Goods down by 0.26%, Realty down by 0.24% and Utilities down by 0.17% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 2.89%, Bajaj Finserv up by 2.00%, Infosys up by 1.63%, Kotak Mahindra Bank up by 1.51% and HCL Technologies up by 0.84%. On the flip side, Sun Pharma down by 0.89%, NTPC down by 0.72%, Adani Ports & SEZ down by 0.46%, Larsen & Toubro down by 0.30% and Asian Paints down by 0.13% were the top losers.

Meanwhile, the government data has showed that the gross Goods and Services Tax (GST) collection rose 7.3 per cent year-on-year to Rs 1.77 lakh crore in December 2024 as compared to Rs 1.65 lakh crore in the same month a year ago despite significant increase in both domestic and export refunds. The Central GST collection stood at Rs 32,836 crore, State GST at Rs 40,499 crore, Integrated IGST at Rs 47,783 crore and Cess at Rs 11,471 crore.

During the month under review, GST from domestic transactions grew 8.4 per cent to Rs 1.32 lakh crore, while revenues from tax on imports rose about 4 per cent to Rs 44,268 crore. In November, GST mop-up was Rs 1.82 lakh crore with 8.5 per cent annual growth. The highest-ever collection was in April 2024 at over Rs 2.10 lakh crore.

During the month, refunds worth Rs 22,490 crore were issued, registering 31 per cent increase over the year-ago period. After adjusting refunds, net GST collection increased by 3.3 per cent to Rs 1.54 lakh crore. The GST was introduced in the country with effect from July 1, 2017, and states were assured compensation for loss of any revenue arising on account of the implementation of GST as per the provisions of the GST (Compensation to States) Act, 2017 for five years.

The CNX Nifty is currently trading at 23812.50, up by 69.60 points or 0.29% after trading in a range of 23751.55 and 23842.05. There were 31 stocks advancing against 18 stocks declining, while 1 stock remain unchanged on the index.

The top gainers on Nifty were Bajaj Finance up by 2.97%, Bajaj Finserv up by 2.05%, ONGC up by 1.73%, Infosys up by 1.69% and Shriram Finance up by 1.51%. On the flip side, Sun Pharma down by 0.91%, Britannia Industries down by 0.87%, NTPC down by 0.73%, Adani Enterprises down by 0.62% and Tata Consumer Products down by 0.49% were the top losers.

Asian markets are trading mostly in red; Hang Seng lost 295.89 points or 1.48% to 19,764.06, Taiwan Weighted fell 196.48 points or 0.85% to 22,838.62, KOSPI dropped 8.85 points or 0.37% to 2,390.64, Straits Times added 4.78 points or 0.13% to 3,782.82 and Shanghai Composite was down by 35.27 points or 1.05% to 3,316.50. On the other hand, Jakarta Composite was up by 47.26 points or 0.67% to 7,127.17. 
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