Key Indian benchmarks remained in positive territory in late morning session, with gains of more than 0.30 per cent each, tracking positive trend seen in Asian markets. Firm revenue collection data along with higher buying in Auto, Consumer Disc and FMCG stocks, kept the sentiments upbeat. Direct Tax collections, which comprise personal income and corporate tax, surged 14.4 percent to Rs 4.8 lakh crore in the first eight months ending November 2017, mainly on account of income tax mop-up from individuals. Traders continued to take some encouragement with the report that the CII’s Business Confidence Index has climbed to 59.7 during October-December 2017, against 58.3 in the previous quarter, showing improvement in perception regarding overall economic conditions amidst indications of a normalisation in business situation after the recent interruptions like Goods and Services Tax. Investors took note of Prime Minister’s Economic Advisory Council chairman Bibek Debroy’s statement that eliminating exemptions can help increase the tax-to-GDP ratio. He hoped that the government panel tasked with reviewing the Income Tax Act will look into this aspect.
On the global front, Asian markets were trading in green, after US stocks closed higher on Friday following the release of stronger-than-expected US jobs data for November. However, gains are modest in most markets in the region, as investors looked ahead to the US Federal Reserve's monetary policy decision due on Wednesday. Back home, in scrip specific development, Granules India traded higher after the company’s wholly-owned foreign subsidiary - Granules Pharmaceuticals, Inc. facility located in Chantilly, Virginia, USA completed its first audit from December 4, 2017 to December 8, 2017 by the US Food and Drug Administration (USFDA) with one observation.
The BSE Sensex is currently trading at 33380.98, up by 130.68 points or 0.39% after trading in a range of 33313.17 and 33450.31. There were 20 stocks advancing against 11 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index was up by 0.22%, while Small cap index was up by 0.53%.
The top gaining sectoral indices on the BSE were Auto up by 0.74%, Consumer Disc up by 0.71%, FMCG up by 0.66%, Healthcare up by 0.62% and PSU up by 0.47%, while Metal down by 0.22% was the lone losing index on BSE.
The top gainers on the Sensex were Mahindra & Mahindra up by 2.38%, Lupin up by 1.86%, ITC up by 1.64%, HDFC up by 1.53% and Wipro up by 1.41%. On the flip side, Adani Ports & SEZ down by 1.18%, Hindustan Unilever down by 0.60%, ONGC down by 0.53%, Reliance Industries down by 0.52% and Bajaj Auto down by 0.50% were the top losers.
Meanwhile, continuing its trend, the government’s revenue collection during April-November period of fiscal year 2017-18 has shown a healthy growth. Direct Tax collections, which comprise personal income and corporate tax, surged 14.4 percent to Rs 4.8 lakh crore in the first eight months ending November 2017, mainly on account of income tax mop-up from individuals.
According to the Ministry of Finance, the collection up to November 2017 indicates that 49 percent of the annual budget target of direct taxes (Rs 9.8 lakh crore) has been achieved. In other words, the government has earned less than half of its full year target in April-November this fiscal. However, this is in line with the trend seen in FY 2016-17, where the same period saw 48.7 percent of the Budget Estimates of direct taxes being achieved.
Before adjusting for refunds, gross collections have rose by 10.7 percent to Rs 5.82 lakh crore up to November, 2017. Further, refunds amounting to Rs 1.02 lakh crore have been issued during April, 2017 to November, 2017.
The CNX Nifty is currently trading at 10297.85, up by 32.20 points or 0.31% after trading in a range of 10285.70 and 10322.40. There were 32 stocks advancing against 18 stocks declining on the index.
The top gainers on Nifty were Mahindra & Mahindra up by 2.49%, Aurobindo Pharma up by 1.94%, Eicher Motors up by 1.59%, Wipro up by 1.56% and Lupin up by 1.48%. On the flip side, Adani Ports & SEZ down by 1.64%, Indiabulls Housing Finance down by 1.59%, Vedanta down by 0.96%, Hindalco down by 0.92% and Cipla down by 0.85% were the top losers.
All the Asian markets were trading in green; FTSE Bursa Malaysia KLCI increased 0.65 points or 0.04% to 1,721.90, KOSPI Index increased 7.17 points or 0.29% to 2,471.17, Jakarta Composite increased 9.51 points or 0.16% to 6,040.47, Shanghai Composite increased 14.69 points or 0.45% to 3,304.68, Taiwan Weighted increased 74.47 points or 0.72% to 10,473.09, Nikkei 225 increased 78.65 points or 0.34% to 22,889.73 and Hang Seng increased 155.74 points or 0.54% to 28,795.59.
