HOME > MARKETS > MARKET COMMENTARY
  MARKET COMMENTARY
EQUITY
Ke gauges continue to trade flat in morning deals
Jul-30-2026

Indian equity benchmarks continued to trade flat in morning deals due to losses in Realty, Capital Goods and Industrials stocks amid fresh tensions between the US and Iran. Investors also weighed the US Federal Reserve's latest policy decision and its hawkish commentary. However, traders took support with Commerce and Industry Minister Piyush Goyal’s statement that the first tranche of the bilateral trade agreement between India and the US will come into operation as soon as the United States is able to ensure that India gets a comparative advantage over its competitors. Meanwhile, the government has released the second sub-sectoral trial Index of Services Production, which showed eight out of the 19 sub-sectors of formal services recorded double-digit growth in May 2026. The Ministry of Statistics & Programme Implementation (MoSPI) released the Index of Services Production (ISP) for May 2026 on 19 sub-sectors, with base year 2024-25. On the global front, Asian markets are trading mixed following the broadly negative cues from Wall Street overnight, on renewed conflicts in the Middle East after Iran launched surprise attacks on U.S. bases in Jordan.

The BSE Sensex is currently trading at 77610.24, down by 44.36 points or 0.06% after trading in a range of 77440.91 and 77737.22. There were 10 stocks advancing against 19 stocks declining on the index.

The top gaining sectoral indices on the BSE were IT up by 1.64%, TECK up by 1.19%, Auto up by 0.78%, Energy up by 0.57% and Oil & Gas up by 0.48%, while Realty down by 1.32%, Capital Goods down by 1.28%, Industrials down by 0.97%, Bankex down by 0.69% and Power down by 0.68% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 2.28%, Infosys up by 2.22%, HCL Technologies up by 1.62%, TCS up by 1.50% and Mahindra & Mahindra up by 1.10%. On the flip side, Adani Ports &SEZ down by 2.96%, Ultratech Cement down by 1.81%, Bajaj Finance down by 1.42%, Asian Paints down by 1.33% and Bajaj Finserv down by 1.30% were the top losers.

Meanwhile, India Ratings and Research (Ind-Ra) has said that the implementation of the Goods and Services Tax (GST) has significantly strengthened state governments’ tax revenues and improved tax buoyancy, with Maharashtra accounting for the highest share of state taxes post-GST, supported by strong domestic consumption and a presence of large services sectors. Introduced on July 1, 2017, GST subsumed 17 taxes and 13 cesses, simplifying the country’s indirect tax structure by replacing multiple central and state levies with a unified system. 

According to Ind-Ra, the tax buoyancy of 26 states studied rose to 2.9 during FY18-FY26, i.e., post GST implementation, compared to 0.6 during FY14-FY17. The overall composition of tax revenue changed from prior to post GST implementation, except for Maharashtra and Karnataka that consistently accounted for the first and the second highest share. Maharashtra though always remained the frontrunner, its share in states tax revenue increased to 20.4% during FY18-FY26 from 17.6% during FY13-FY17, given the high domestic consumption and presence of large services sector. The top five states in terms of tax buoyancy after GST implementation were Manipur, Nagaland, Goa, Maharashtra and Sikkim, while Meghalaya, Bihar, Nagaland, Chhattisgarh and Manipur led prior to GST implementation. One of the key reasons for this is the structural change in indirect taxation to a destination-based consumption tax from origin-based production tax, inclusion of services post GST, and plugging tax leakages.

The report further said the state governments' tax revenue collection had grown 6.8 per cent to RS 3.7 lakh crore during FY13-FY17, while Gross State Domestic Product (GSDP) expanded 11.6%. The said data is for 26 states/UTs, for which comparative data was available from FY13-FY17. These states account for nearly 80 per cent of State Goods and Services Tax (SGST) collections excluding Integrated Goods and Services Tax (IGST). Post GST, the state governments' tax revenue increased 9 per cent to Rs 12.9 lakh crore during FY18-FY26, even as GSDP growth moderated to 10.4 per cent and reached Rs 315.2 lakh crore. This higher SGST growth has been due to the simplification of taxation system, incorporation of technology and analytics to ensure tax compliance, and expansion in taxpayers' base that increased to 1.65 crore in May 2026 from 67 lakh in 2017, underlining formalisation of the Indian economy. It noted that higher tax revenue indicates increased consumption, and improved monitoring and compliance.

The CNX Nifty is currently trading at 24237.60, down by 12.60 points or 0.05% after trading in a range of 24187.10 and 24287.25. There were 24 stocks advancing against 26 stocks declining on the index.

The top gainers on Nifty were Wipro up by 3.40%, Infosys up by 2.28%, Tech Mahindra up by 2.11%, ONGC up by 1.96% and Nestle India up by 1.39%. On the flip side, Adani Ports &SEZ down by 2.89%, Shriram Finance down by 2.13%, Ultratech Cement down by 1.79%, Bajaj Finance down by 1.45% and Bajaj Finserv down by 1.35% were the top losers.

Asian markets are trading mixed; Shanghai Composite weakened 48.15 points or 1.26% to 3,780.32, KOSPI dropped 90.55 points or 1.6% to 5,572.69, Hang Seng declined 79.92 points or 0.31% to 25,728.00 and Straits Times fell 44.02 points or 0.77% to 5,669.17.

On the flip side, Nikkei 225 surged 110.81 points or 0.18% to 61,545.00, Taiwan Weighted added 105.91 points or 0.26% to 40,145.09 and Jakarta Composite gained 56.57 points or 0.93% to 6,147.96. 
  RELATED NEWS >>
Most Viewed >>
EXPLORE
© CITRUS INTERACTIVE
Designed & Developed Accord Fintech Pvt. Ltd.