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Domestic indices trade with gains of over half percent
Apr-22-2024

Domestic equity indices maintained their gains and were trading higher by over half a percent in late morning deals as market participants indulged in enlarging their positions. Hectic buying in Wipro, Axis Bank, Bajaj Finance and Larsen & Toubro helped the markets to maintain their gains. Meanwhile, broader indices outperformed their large peers with BSE Mid cap and Small cap index gaining in the range of 0.90-1.35%. Sentiments remained upbeat as the Central Board of Direct Taxes (CBDT) has said that India's net direct tax collections surged by a massive 17.7 per cent year-on-year to Rs 19.58 trillion in the fiscal year ended March 2024, surpassing even revised estimates by a wide margin. Traders took a note of report that Ashima Goyal, external member of the central bank's monetary policy committee (MPC), said consumer price index (CPI) inflation does not have to touch the Reserve Bank of India's 4% target, but sustainably move towards that mark for interest rates to be lowered.  

On the global front, Asian markets were trading mostly in green as China leaved benchmark loan prime rates unchanged. China’s one-year and five-year loan prime rates were left unchanged at 3.45% and 3.95% respectively. Back home, all the sectoral indices, except Telecom, on the BSE were trading in green led by Industrials, Consumer Durables, Capital Goods, Healthcare and Realty. 

The BSE Sensex is currently trading at 73474.79, up by 386.46 points or 0.53% after trading in a range of 73227.32 and 73728.18. There were 26 stocks advancing against 4 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.91%, while Small cap index up by 1.33%.

The top gaining sectoral indices on the BSE were Industrials up by 1.55%, Consumer Durables up by 1.50%, Capital Goods up by 1.30%, Healthcare up by 1.14% and Realty up by 1.07%, while Telecom down by 0.11% was the only losing index on BSE.

The top gainers on the Sensex were Wipro up by 2.40%, Axis Bank up by 2.08%, Bajaj Finance up by 2.07%, Larsen & Toubro up by 1.81% and Ultratech Cement up by 1.78%. On the flip side, NTPC down by 1.41%, HDFC Bank down by 0.86%, JSW Steel down by 0.22% and ITC down by 0.07% were the top losers.

Meanwhile, the Central Board of Direct Taxes (CBDT) has said that India's net direct tax collections surged by a massive 17.7 per cent year-on-year to Rs 19.58 trillion in the fiscal year ended March 2024, surpassing even revised estimates by a wide margin. Net collections of income and corporate taxes, which make up for most of the direct taxes, in 2023-24 financial year exceeded the Budget estimates by Rs 1.35 trillion (7.40 per cent) and the revised estimates by Rs 13,000 crore. The government had raised the target for direct tax collection in FY24 (April 2023 to March 2024) to Rs 19.45 trillion in the interim Budget presented on February 1. With this, the gross tax collection target as per the revised estimate stood at Rs 34.37 trillion for FY24. 

The tax department said that while gross direct tax collections (provisional) for the FY 2023-24 rose 18.48 per cent to Rs 23.37 trillion, net proceeds (after accounting for refunds) surged 17.7 per cent to Rs 19.58 trillion, reflecting buoyancy in the economy and rise in income levels of individuals and corporates. Refunds aggregating to Rs 3.79 trillion have been issued in FY 2023-24. The provisional Direct Tax collections (net of the refunds) have exceeded the Budget Estimate by 7.40 per cent and Revised Estimates by 0.67 per cent. The gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2023-24 stood at Rs 23.37 trillion, showing a growth of 18.48 per cent over the gross collection of Rs 19.72 trillion in FY 2022-23. The gross corporate tax collection (provisional) in FY 2023-24 was up 13.06 per cent to Rs 11.32 trillion as compared to the gross corporate tax collection of Rs 10 trillion of the preceding year. The Net Corporate Tax collection (provisional) in FY 2023-24 at Rs 9.11 trillion showed a growth of 10.26 per cent over the net corporate tax collection of Rs 8.26 trillion of the preceding year.

It further said the Gross Personal Income Tax collection including Securities Transaction Tax (provisional) in FY 2023-24 at Rs 12.01 trillion was up 24.26 per cent over previous year's collection of Rs 9.67 trillion. The Net Personal Income Tax collection including STT (provisional) in FY 2023-24 at Rs 10.44 trillion showed a growth of 25.23 per cent over preceding fiscal year's figure of Rs 8.33 trillion. Refunds of Rs 3.79 trillion have been issued in the FY 2023-24 showing an increase of 22.74 per cent over the refunds of Rs 3.09 trillion issued in FY 2022-23.

The CNX Nifty is currently trading at 22281.95, up by 134.95 points or 0.61% after trading in a range of 22198.15 and 22337.10. There were 43 stocks advancing against 7 stocks declining on the index.

The top gainers on Nifty were BPCL up by 3.50%, Wipro up by 2.57%, Shriram Finance up by 2.40%, Tata Consumer up by 2.27% and Eicher Motors up by 2.25%. On the flip side, NTPC down by 1.44%, HDFC Bank down by 0.92%, Maruti Suzuki down by 0.32%, JSW Steel down by 0.14% and Bajaj Auto down by 0.12% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 313.75 points or 1.93% to 16,537.89, Nikkei 225 surged 381.52 points or 1.03% to 37,449.87, Straits Times rose 38.11 points or 1.2% to 3,214.62 and KOSPI increased 28.94 points or 1.12% to 2,620.80. However, Shanghai Composite weakened 19.29 points or 0.63% to 3,045.97, Jakarta Composite plunged 49.79 points or 0.71% to 7,037.53 and Taiwan Weighted lost 115.9 points or 0.59% to 19,411.22.
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