Benchmarks trim some gains in late afternoon session

Indian equity benchmarks trimmed some of their gains in late afternoon session. Traders were seen piling up positions in IT, TECK and Metal sectors while selling was witnessed in Telecom, Auto and Consumer Discretionary sectors' stocks. Upside remain capped with report that snapping their three-month buying spree, overseas investors turned net sellers in Indian markets in September due to uncertainty ahead of the US presidential polls and surging coronavirus cases. However, traders took support, as Commerce Ministry in its latest data has showed that India’s merchandise exports snapped six-month losing streak and grew by 5.27 percent to $27.4 billion in September 2020 as compared to $ 26.02 billion in the same month a year ago. Key sectors such as petroleum, leather, engineering goods and gems and jewellery were registering negative growth rates.

On the global front, Asian markets are trading in green following reports suggesting Donald Trump’s health is improving after he tested positive for the coronavirus, with traders also cheered by signs that US lawmakers were edging towards agreement on a new stimulus package. European markets were trading higher on hopes for one last economic stimulus boost to the economy before the U.S. election, as well as a clear result on election day.

The BSE Sensex is currently trading at 39084.32, up by 387.27 points or 1.00% after trading in a range of 38819.89 and 39263.85. There were 17 stocks advancing against 13 stocks declining on the index.

The broader indices were trading mixed ; the BSE Mid cap index declined 0.04%, while Small cap index was up by 0.26%.

The top gaining sectoral indices on the BSE were IT up by 4.45%, TECK up by 3.62%, Metal up by 2.14%, Bankex up by 0.97% and Realty was up by 0.47%, while Telecom down by 0.85%, Auto down by 0.48%, Consumer Discretionary down by 0.39%, Utilities down by 0.28% and Energy was down by 0.28% were the top losing indices on BSE.

The top gainers on the Sensex were TCS up by 7.77%, Tata Steel up by 4.67%, Infosys up by 3.14%, Tech Mahindra up by 3.08% and HCL Tech up by 1.85%. On the flip side, Bajaj Finserv down by 1.66%, Bajaj Finance down by 1.32%, Bharti Airtel down by 1.30%, Ultratech Cement down by 1.19% and Bajaj Auto down by 1.16% were the top losers.

Meanwhile,Goods and Services Tax (GST) collection rose to Rs 95,480 crore in September. The revenues for the month are 4% higher than the GST revenues in the same month last year. During the month, the revenues from import of goods were 102% and the revenues from domestic transaction (including import of services) were 105% of the revenues from these sources during the same month last year.

The gross GST revenue collected in the month of September, 2020 is Rs 95,480 crore of which CGST is Rs 17,741 crore, SGST is Rs 23,131 crore, IGST is Rs 47,484 crore (including Rs 22,442 crore collected on import of goods) and Cess is Rs 7,124 crore (including Rs 788 crore collected on import of goods).

The government has settled Rs 21,260 crore to CGST and Rs 16,997 crore to SGST from IGST as regular settlement. The total revenue earned by Central Government and the State Governments after regular settlement in the month of September, 2020 is Rs 39,001 crore for CGST and Rs 40,128 crore for the SGST.

The CNX Nifty is currently trading at 11526.60, up by 109.65 points or 0.96% after trading in a range of 11452.30 and 11578.05. There were 29 stocks advancing against 20 stocks declining on the index, while 1 stock remains unchanged.

The top gainers on Nifty were TCS up by 7.87%, Wipro up by 6.61%, Tata Steel up by 4.66%, Infosys up by 3.08% and Tech Mahindra up by 2.69%. On the flip side, Shree Cement down by 2.05%, Bajaj Finserv down by 1.71%, Bharti Airtel down by 1.40%, Ultratech Cement down by 1.23% and Bajaj Finance down by 1.22% were the top losers.

Asian markets are trading in green; Hang Seng increased 308.73 points or 1.32% to 23,767.78, Nikkei 225 surged 282.24 points or 1.23% to 23,312.14, Taiwan Weighted strengthened 32.67 points or 0.26% to 12,548.28, Jakarta Composite soared 32.04 points or 0.65% to 4,958.77, KOSPI rose 30.11 points or 1.29% to 2,358.00 and Straits Times was up by 16.67 points or 0.67% to 2,512.78.

European markets were trading higher, UK’s FTSE 100 increased 27.32 points or 0.46% to 5,929.44, France’s CAC increased 38.07 points or 0.79% to 4,862.95, Germany’s DAX was up by 81.84 points or 0.64% to 12,770.88.