Indian benchmarks trimmed some of their gains but managed to remain in green territory. Traders took support after India Ratings and Research has revised its outlook on the overall banking sector to stable for the fiscal 2021-2022 (FY22) from negative even as it sees higher stress emerging in the retail loan segment going ahead. For public sector banks (PSBs), the outlook has been revised to stable from negative and for private banks, the agency continues to have stable outlook. However, upside remain capped, as investment through participatory notes (P-notes) in the Indian capital market dipped marginally to Rs 84,976 crore as on January 31 after hitting 31-month high value at the end of the preceding month. At December-end, the investment through such instruments had risen to a 31-month high of Rs 87,132 crore, reflecting the bullish stance of FPIs. On the global front, Asian markets were trading mostly in green even after a sell-off of shares in technology companies on Wall Street. European markets were trading mostly in green as strong commodity prices helped outweigh mixed corporate earnings updates, while British bank HSBC fell after it abandoned its long-term profitability targets.
The BSE Sensex is currently trading at 49868.21, up by 123.89 points or 0.25% after trading in a range of 49659.85 and 50327.31. There were 21 stocks advancing against 9 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index gained 1.05%, while Small cap index was up by 0.80%.
The top gaining sectoral indices on the BSE were Metal up by 3.34%, Realty up by 2.88%, Oil & Gas up by 2.70%, Capital Goods up by 2.04% and Basic Materials was up by 2.02%, while Bankex down by 0.45% were the only losing indices on BSE.
The top gainers on the Sensex were ONGC up by 6.96%, Indusind Bank up by 2.43%, Larsen & Toubro up by 2.26%, Ultratech Cement up by 2.04% and Titan Company up by 2.03%. On the flip side, Kotak Mahindra Bank down by 3.81%, Maruti Suzuki down by 1.30%, HDFC Bank down by 1.24%, HCL Tech down by 0.94% and HDFC down by 0.85% were the top losers.
Meanwhile, providing facilitation for exporters having IGST refund issues, the Central Board of Indirect Taxes and Customs (CBIC) has extended the time limit for sanction of pending IGST refunds in such cases where records have not been transmitted to ICEGATE due to GSTR1 and GSTR3B mismatch error. This overcomes the problem of refund blockage by allowing refunds subject to undertakings/submission of CA certificates by the exporters and post refund audit scrutiny.
The CBIC has also extended the facility for resolving invoice mismatch errors (classified as SB-005 error) through customs officer interface on permanent basis vide Circular 05/2021. The exporter may avail the facility of correction of Invoice mis-match errors (error code SB-005) in respect of all past shipping bills, irrespective of its date of filing subject to payment of a nominal fee.
The CBIC has continuously taken a proactive approach to resolve issues faced by the trade. It is seen that a considerable number of exporters have been facing difficulties in getting their IGST refund sanctioned either due to lack of facility to amend GST 3B return or bona-fide clerical/human errors while filing the documents.
The CNX Nifty is currently trading at 14738.60, up by 62.90 points or 0.43% after trading in a range of 14651.85 and 14854.50. There were 36 stocks advancing against 14 stocks declining on the index.
The top gainers on Nifty were ONGC up by 7.01%, Hindalco up by 5.90%, Tata Motors up by 5.17%, UPL up by 4.83% and Tata Steel up by 4.75%. On the flip side, Kotak Mahindra Bank down by 3.78%, Divis Lab down by 1.28%, Adani Ports down by 1.27%, Maruti Suzuki down by 1.26% and HDFC Bank down by 1.16% were the top losers.
Asian markets were trading mostly in green, Hang Seng increased 312.81 points or 1.03% to 30,632.64, Taiwan Weighted strengthened 33.24 points or 0.2% to 16,443.40, Straits Times advanced 19.56 points or 0.68% to 2,900.77 and Jakarta Composite was up by 17.50 points or 0.28% to 6,272.81. On the flip side, Shanghai Composite declined 6.08 points or 0.17% to 3,636.36 and KOSPI was down by 9.66 points or 0.31% to 3,070.09.
European markets were trading mostly in green, UK’s FTSE 100 increased 17.56 points or 0.27% to 6,629.80 and France’s CAC was up by 9.15 points or 0.16% to 5,776.59. On the flip side, Germany’s DAX was down by 63.55 points or 0.46% to 13,886.49.
