Sensex, Nifty cut some losses in late morning Session

Indian equity benchmarks cut some losses in late morning session but remained lower during late morning session, on the back of negative cues from other Asian markets. Domestic sentiments were pessimistic, after India's manufacturing activity lost some momentum in September, but cost pressures continued to recede. According to the S&P Global's Purchasing Managers' Index, the S&P Global India Manufacturing PMI edged down to 55.1 from 56.2 in August.

However, some recovery witnessed over the Dalal Street, as traders got some support, as the gross Goods and Services Tax (GST) collections surged 26% in the month of September 2022 at Rs 1,47,686 crore over the same month last year. Out of total, CGST is Rs 25,271 crore, SGST is Rs 31,813 crore, IGST is Rs 80,464 crore (including Rs 41,215 crore collected on import of goods) and Cess is Rs 10,137 crore (including Rs 856 crore collected on import of goods). Besides, the Finance Ministry will run a special financial inclusion drive from October 15 to achieve saturation in respect of bank accounts and expansion of Kisan Credit Card coverage, among others.

On the global front, Asian markets were trading mostly lower, as the manufacturing sector in Taiwan continued to contract in September, and at a faster pace, the latest survey from S&P Global revealed on Monday with a manufacturing PMI score of 42.2. That's down from 42.7, and it moves further beneath the boom-or-bust line of 50 that separates expansion from contraction.

The BSE Sensex is currently trading at 57222.24, down by 204.68 points or 0.36% after trading in a range of 56875.05 and 57454.84. There were 12 stocks advancing against 18 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.16%, while Small cap index was up by 0.37%.

The top gaining sectoral indices on the BSE were Healthcare up by 1.64%, Telecom up by 1.60%, Oil & Gas up by 1.28%, Energy up by 1.19% and PSU up by 0.71%, while Bankex down by 0.89%, Auto down by 0.89%, Consumer Durables down by 0.70%, FMCG down by 0.70% and IT down by 0.42% were the top losing indices on BSE.

The top gainers on the Sensex were NTPC up by 2.19%, Dr. Reddy's Lab up by 1.64%, Ultratech Cement up by 1.52%, Sun Pharma up by 1.20% and Bharti Airtel up by 0.88%. On the flip side, Maruti Suzuki down by 2.25%, Kotak Mahindra Bank down by 1.68%, Indusind Bank down by 1.64%, Hindustan Unilever down by 1.22% and ICICI Bank down by 1.10% were the top losers.

Meanwhile, the gross Goods and Services Tax (GST) collections surged 26% in the month of September 2022 at Rs 1,47,686 crore over the same month last year. Out of total, CGST is Rs 25,271 crore, SGST is Rs 31,813 crore, IGST is Rs 80,464 crore (including Rs 41,215 crore collected on import of goods) and Cess is Rs 10,137 crore (including Rs 856 crore collected on import of goods).

As per the Ministry of Finance, the government has settled Rs 31,880 crore to CGST and Rs 27,403 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of September 2022 is Rs 57,151 crore for CGST and Rs 59,216 crore for the SGST.

The Ministry also noted that during the month, revenues from import of goods was 39% higher and the revenues from domestic transaction (including import of services) are 22% higher than the revenues from these sources during the same month last year.

Besides, this is the eighth month and for seventh months in a row now, that the monthly GST revenues have been more than the Rs 1.4 lakh crore mark. The growth in GST revenue till September 2022 over the same period last year is 27%, continuing to display very high buoyancy. During the month of August 2022, 7.7 crore e-way bills were generated, which was marginally higher than 7.5 crore in July 2022.

The CNX Nifty is currently trading at 17044.70, down by 49.65 points or 0.29% after trading in a range of 16946.00 and 17114.65. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were ONGC up by 5.84%, Coal India up by 2.61%, Cipla up by 2.30%, NTPC up by 2.19% and Divi's Lab up by 2.07%. On the flip side, Eicher Motors down by 2.51%, Maruti Suzuki down by 2.27%, Hindalco down by 2.02%, Indusind Bank down by 1.65% and Kotak Mahindra Bank down by 1.50% were the top losers.

Asian markets were trading mostly lower; Straits Times fell 13.45 points or 0.43% to 3,116.79, Hang Seng slipped 299.52 points or 1.74% to 16,923.31, Taiwan Weighted declined 125.09 points or 0.93% to 13,299.49 and Jakarta Composite was down by 22.32 points or 0.32% to 7,018.48. However, Nikkei 225 rose 240.34 points or 0.93% to 26,177.55.