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Markets trim some gains in late morning deals
Feb-03-2023

Domestic equity indices trimmed some of their gains but traded in green in late morning deals amid mixed cues from global markets. Gains in financial, consumer durables and Tech stocks led the headline indices higher. Sentiments remained upbeat as the US India Strategic and Partnership Forum (USISPF) said the innovative, bold and stellar budget presented by Union Finance Minister Nirmala Sitharaman will take India to a stronger growth trajectory. However, broader indices on the BSE were trading in red in range of 1.30-1.40%. Meanwhile, investors awaited more of financial results from India Inc for cues, with ITC, SBI, InterGlobe Aviation and more due to post their earnings later in the day.

On the global front, Asian markets were trading mixed despite the mostly positive cues from US markets overnight.  The Japanese stock market was higher as traders continue to digest the US Fed's interest rate announcement.  In the stock specific development, IndusInd Bank rose on reports that the Hinduja group is planning to raise its stake in the private sector lender from 15 per cent to 26 per cent with an investment of Rs 10,000 crore.

The BSE Sensex is currently trading at 60129.40, up by 197.16 points or 0.33% after trading in a range of 60013.06 and 60414.18. There were 15 stocks advancing against 15 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 1.37%, while Small cap index down by 1.29%.

The only gaining sectoral indices on the BSE were Consumer Durables up by 0.66% and TECK up by 0.08%, while Utilities down by 3.48%, Power down by 2.92%, Oil & Gas down by 1.91%, Metal down by 1.74% and Energy down by 1.49% were the top losing indices on BSE.

The top gainers on the Sensex were Titan up by 4.64%, Bajaj Finserv up by 1.92%, Bajaj Finance up by 1.79%, HDFC Bank up by 1.74% and HDFC up by 1.44%. On the flip side, NTPC down by 1.68%, Tata Steel down by 1.50%, ITC down by 1.44%, Axis Bank down by 0.90% and SBI down by 0.85% were the top losers.

Meanwhile, Central Board of Indirect Taxes and Customs (CBIC) chief Vivek Johri has said that monthly GST collection is expected to average around Rs 1.50 lakh crore and it will be the ‘new normal’ in FY24 in view of concerted efforts to check evasion and bring new businesses within the GST net. He said the GST and Customs revenue collection numbers as given in Budget 2023-24 are realistic based on nominal GDP growth and import trends, respectively and the indirect tax collection target set for next fiscal will be achieved.

CBIC chief said CBIC has drawn up a strategy to augment GST mop-up by way of stricter audit and scrutiny of tax returns, enforcement action against fake billing and input tax credit claims. He said ‘we will focus on increasing the taxpayer base. Even though the growth in taxpayer base has been quite good, we have more than doubled the number of taxpayers from the time we started GST, we feel there are some sectors which have much more potential to increase the taxpayer population. So I feel we have not reached the saturation level and there is scope for increasing the revenue'.

Johri noted that GST collection in current fiscal year (FY23) is likely to average around Rs 1.45 lakh crore. The mop-up in January came in as the second highest ever at around Rs 1.56 lakh crore, the highest being Rs 1.68 lakh crore in April 2022. The 2023-24 Budget has projected 12 per cent growth in GST revenue at Rs 9.56 lakh crore. The revised estimate for current fiscal pegs GST mop-up at Rs 8.54 lakh crore, up from Rs 7.80 lakh crore originally estimated in the Budget last year.

The CNX Nifty is currently trading at 17630.55, up by 20.15 points or 0.11% after trading in a range of 17584.20 and 17728.45. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Titan up by 4.61%, Bajaj Finserv up by 2.09%, Bajaj Finance up by 1.81%, HDFC Bank up by 1.79% and UPL up by 1.51%. On the flip side, Adani Enterprises down by 22.05%, Adani Ports & SEZ down by 6.49%, Divi's Lab down by 3.12%, BPCL down by 2.83% and Hindalco down by 2.63% were the top losers.

Asian markets were trading mixed; Taiwan Weighted lost 17.88 points or 0.11% to 15,577.28, Hang Seng declined 334.04 points or 1.52% to 21,624.32 and Shanghai Composite weakened 34.31 points or 1.04% to 3,251.36. However, KOSPI increased 12.07 points or 0.49% to 2,480.95, Jakarta Composite gained 48.4 points or 0.7% to 6,938.97, Straits Times rose 12.18 points or 0.36% to 3,375.86 and Nikkei 225 surged 100.52 points or 0.37% to 27,502.57.

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