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Markets continue to trade in red tracking weak global markets
Sep-28-2022

Markets remained in red with marginal cut in late morning deals tracking weak global markets and a rising dollar after comments from Federal Reserve Bank of St. Louis President James Bullard and San Francisco Federal Reserve Bank President Mary Daly underscored the need for tighter policy.  Depreciation in Indian rupee against dollar weighed down sentiments.  The rupee depreciated 40 paise to an all-time low of 81.93 against the US dollar as the strengthening of the American currency and risk-averse sentiment among investors weighed on the local unit. However, downside remained capped as economic affairs secretary Ajay Seth dismissed the concerns over depletion of forex reserve as overblown and said India has fairly large reserve to tide over the current situation. On the global front, Asian markets were mostly trading in red as traders were cautious and remained worried that efforts by central banks around the world to curb inflation may trigger a global recession. Back home, on the BSE sectoral front, traders were seen piling up position in Telecom, TECK, Healthcare, IT and Consumer Durables, while selling was witnessed in Bankex, Metal, PSU, Energy and Oil & Gas.

The BSE Sensex is currently trading at 56969.38, down by 138.14 points or 0.24% after trading in a range of 56498.72 and 57017.26. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.13%, while Small cap index up by 0.10%.

The gaining sectoral indices on the BSE were Telecom up by 1.09%, TECK up by 0.66%, Healthcare up by 0.65%, IT up by 0.61%, Consumer Durables up by 0.51% while, Bankex down by 0.71%, Metal down by 0.69%, PSU down by 0.57%, Energy down by 0.52%, Oil & Gas down by 0.50% were the losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 2.02%, Dr. Reddy's Lab up by 1.50%, Mahindra & Mahindra up by 1.40%, Asian Paints up by 1.04% and TCS up by 0.64%. On the flip side, ITC down by 2.03%, Indusind Bank down by 1.70%, HDFC down by 1.57%, NTPC down by 1.48% and HDFC Bank down by 1.37% were the top losers.

Meanwhile, Central Board of Direct Taxes (CBDT) Chairman Nitin Gupta has said that the net direct tax collection has increased 23 per cent to Rs 7.04 lakh crore so far in FY23. He said the income and corporate tax collections were at a record high of Rs 14.09 lakh crore in 2021-22.

Gupta said the I-T e-filing portal has stabilised and it has facilitated 5.83 crore tax return filing as of July 31. A record 72 lakh returns were filed on the portal on a single day. July 31 was the last date for filing ITRs for salaried individuals for income earned in the 2021-22 fiscal.

He further said I-T refunds worth Rs 1.41 lakh crore have been issued so far this fiscal, which is an increase of 83 per cent over the same period last year.

The CNX Nifty is currently trading at 16964.65, down by 42.75 points or 0.25% after trading in a range of 16825.40 and 16976.90. There were 26 stocks advancing against 24 stocks declining on the index.

The top gainers on Nifty were Sun Pharma up by 2.44%, Dr. Reddy's Lab up by 1.64%, Mahindra & Mahindra up by 1.39%, Asian Paints up by 1.36% and Tata Motors up by 0.95%. On the flip side, ONGC down by 2.09%, ITC down by 1.93%, Hero MotoCorp down by 1.89%, Indusind Bank down by 1.73% and JSW Steel down by 1.60% were the top losers.

Asian markets were mostly trading in red; Nikkei 225 slipped 569.53 points or 2.14% to 26,002.34, Straits Times declined 39.48 points or 1.25% to 3,126.02, Hang Seng plunged 465.11 points or 2.60% to 17,395.20, Taiwan Weighted dropped 324.90 points or 2.35% to 13,501.69, KOSPI lost 61.49 points or 2.77% to 2,162.37 and Shanghai Composite was down by 37.83 points or 1.22% to 3,056.03. However, Jakarta Composite gained 18.51 points or 0.26% to 7,130.96.

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