Markets extend gains in late afternoon session

Indian equity markets extended their gains in late afternoon session, with the Sensex and the Nifty gaining above 500 and 150 points, respectively. Mahindra & Mahindra, Bajaj Finserv and Bajaj Finance were the prime gainers among heavy-weights. Sentiment remained largely positive as Reserve Bank of India (RBI) data showed that Bank credit grew 5.56 per cent to Rs 109.51 lakh crore, while deposits rose 11.4 per cent to Rs 151.13 lakh crore in the financial year ended March 31, 2021. Meanwhile, Ministry of Finance in its latest report has showed that provisional net indirect tax collections (GST & Non-GST) for the Financial Year 2020-21 (FY21) grew more than 12% compared to actual Revenue Receipts in FY 2019-20. On the global front, Asian markets were trading mixed with hopes growing for a global economic rebound despite surging coronavirus cases in many places. European markets were trading mostly in green as investors monitor key economic data and the beginning of corporate earnings season. Back home, on the sectoral front, jewellery industry remained in focus as GJEPC said the overall gems and jewellery exports declined by 25.71 per cent to Rs 1,85,952.34 crore during 2020-21, compared to the previous financial year, on account of COVID-related disruptions.

The BSE Sensex is currently trading at 48434.44, up by 551.06 points or 1.15% after trading in a range of 47775.32 and 48460.51. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 1.37%, while Small cap index was up by 1.12%.

The top gaining sectoral indices on the BSE were Auto up by 3.67%, PSU up by 3.02%, Bankex up by 2.90%, Metal up by 2.49% and Oil & Gas was up by 2.20%, while IT down by 2.90%, TECK down by 2.38% and Healthcare was down by 0.09% were the few losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 6.92%, Bajaj Finserv up by 6.74%, Bajaj Finance up by 5.14%, Maruti Suzuki up by 4.52% and ONGC up by 4.33%. On the flip side, TCS down by 4.50%, Tech Mahindra down by 3.88%, Dr. Reddys Lab down by 3.14%, HCL Tech down by 2.51% and Infosys down by 2.25% were the top losers.

Meanwhile, the Ministry of Finance in its latest report has showed that provisional net indirect tax collections (GST & Non-GST) for the Financial Year 2020-21 (FY21) grew more than 12% compared to actual Revenue Receipts in FY 2019-20.

The provisional figures for indirect tax collections (GST & non-GST) for the Financial Year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore as compared to 9.54 lakh Crore for the Financial Year 2019-20, thereby registering a growth of 12.3%. Net Indirect Tax Collection for the Financial Year 2020-21 shows that 108.2% of the Revised Estimates (RE) of indirect taxes for Financial Year 2020-21 has been achieved.

The report further noted that as regards customs, net tax collections stood at Rs. 1.32 lakh crore during Financial Year 2020-21 as compared to Rs.1.09 lakh crore during the previous Financial Year, thereby registering a growth of around 21%. Besides, Net Tax collections on account of Central Excise and Service Tax (Arrears) during Financial Year 2020-21 stood at Rs. 3.91 lakh crore as compared to Rs.2.45 lakh crore in the previous Financial Year, thereby registering a growth of more than 59%.

The CNX Nifty is currently trading at 14463.80, up by 153.00 points or 1.07% after trading in a range of 14274.90 and 14476.15. There were 37 stocks advancing against 13 stocks declining on the index.

The top gainers on Nifty were Mahindra & Mahindra up by 6.79%, Bajaj Finserv up by 6.54%, Bajaj Finance up by 5.05%, Maruti Suzuki up by 4.62% and Tata Motors up by 4.40%. On the flip side, TCS down by 4.68%, Tech Mahindra down by 4.12%, Wipro down by 3.56%, Dr. Reddys down by 3.35% and Adani Ports down by 3.14% were the top losers.

Asian markets were trading mixed, Nikkei 225 surged 212.88 points or 0.72% to 29,751.61, Hang Seng increased 43.97 points or 0.15% to 28,497.25, KOSPI rose 33.49 points or 1.07% to 3,169.08 and Straits Times was up by15.87 points or 0.5% to 3,189.80. On the flip side, Shanghai Composite declined 16.48 points or 0.48% to 3,396.47, Jakarta Composite lost 21.13 points or 0.36% to 5,927.44 and Taiwan Weighted was down by 34.79 points or 0.21% to 16,824.91.

European markets were trading mostly in green, France’s CAC increased 20.45 points or 0.33% to 6,182.13 and Germany’s DAX was up by 38.36 points or 0.25% to 15,253.36. On the flip side, UK’s FTSE 100 was down by 3.21 points or 0.05% to 6,885.91.