Post Session: Quick Review

Indian equity markets snapped eight days of gaining rally on last trading day of week amid profit booked by market participants. Key gauges made negative start, as traders were cautious after data from the central bank showed that India's services exports and imports in October fell from the previous month. Services exports in October stood at $25.38 billion, down from $28.03 billion in September, while imports slipped to $13.49 billion from $16.12 billion a month earlier. Besides, investors secured profit from yesterday’s rally ahead of U.S. payrolls data that could provide more cues on a shift in the Federal Reserve's rate-hike plans. Domestic sentiments remained down beat even after Finance Ministry stated that Goods and Services Tax (GST) revenues rose by 11 per cent to about Rs 1.46 lakh crore in November over the year-ago period. This is the ninth straight month when collections from GST has remained above Rs 1.40 lakh crore.

Indices magnified their losses in afternoon session, as traders remained anxious after private report stated that the protests in China against the restrictions under its Zero-Covid policy could impact India's consumer goods including gold, electronics, and engineering goods. The fall in demand due to the lockdown as well as disruption in the supply of inputs from China may impact several sectors. Meanwhile, foreign institutional investors (FIIs) net sold shares worth Rs 1,565.93 crore on December 01, according to the provisional data available on the NSE. But, in late afternoon session, markets cut some of their losses and closed the day’s trade with cut of above half a percent. sentiments remained pessimistic, amid a private report stating that India’s current account deficit (CAD) may shoot up in the July-September quarter (second quarter, or Q2) of 2022-23 (FY23), with the net export ratio touching a fresh nine-year low at 5.89 per cent of gross domestic product (GDP) in Q2.

On the global front, European markets were trading mostly in red with gloomy data illustrating the difficult economic circumstance in Europe as investors cautiously await the release of the key monthly U.S. jobs data. All Asian markets ended lower as investors closely monitored news from China over its zero-Covid policy. Back home, finance ministry said the windfall tax on locally produced crude oil has been cut to Rs 4,900 per tonne from Rs 10,200 per tonne. Separately, it also reduced the windfall tax on high-speed diesel for exports to Rs 8 per litre from Rs 10.5 per litre. This includes a cess of Rs 1.5 per litre.

The BSE Sensex ended at 62,868.50, down by 415.69 points or 0.66% after trading in a range of 62,679.63 and 63,148.59. There were 9 stocks advancing against 21 stocks declining on the index. (Provisional)

The broader indices ended in green; the BSE Mid cap index gained 0.80%, while Small cap index was up by 0.70%. (Provisional)

The top gaining sectoral indices on the BSE were Realty up by 0.93%, Telecom up by 0.53%, Metal up by 0.52%, Industrials up by 0.49% and PSU was up by 0.32%, while Power down by 1.23%, Auto down by 1.12%, Utilities down by 1.10%, TECK down by 0.52% and Consumer Durables was down by 0.46% were the top losing indices on BSE. (Provisional)

The top gainers on the Sensex were Dr. Reddy's Lab up by 1.18%, Tata Steel up by 1.13%, Tech Mahindra up by 1.11%, Indusind Bank up by 0.56% and HCL Tech up by 0.35%. On the flip side, Mahindra & Mahindra down by 2.08%, Hindustan Unilever down by 1.59%, Maruti Suzuki down by 1.52%, Nestle down by 1.52% and HDFC down by 1.38% were the top losers. (Provisional)

Meanwhile, the Finance Ministry has said that Goods and Services Tax (GST) revenues rose by 11 per cent to about Rs 1.46 lakh crore in November 2022 over Rs 1,31,526 crore GST revenues in the same month last year. This is the ninth straight month when collections from GST has remained above Rs 1.40 lakh crore. Besides, In October 2022 the collection was highest at Rs 1.52 lakh crore.

The gross GST revenue collected in the month of November 2022 is Rs 1,45,867 crore of which Central GST (CGST) is Rs 25,681 crore, State GST (SGST) is Rs 32,651 crore, Integrated GST (IGST) is Rs 77,103 crore (including Rs 38,635 crore collected on import of goods) and cess is Rs 10,433 crore (including Rs 817 crore collected on import of goods).

The government has settled Rs 33,997 crore to CGST and Rs 28,538 crore to SGST from IGST as regular settlement. The total revenue of Centre and the States after regular settlements in the month of November 2022 is Rs 59678 crore for CGST and Rs 61189 crore for the SGST. In addition, Centre had also released Rs 17,000 crore as GST compensation to States/UTs in November 2022. During the month, revenues from the import of goods were 20 per cent higher and the revenues from domestic transaction (including import of services) are 8 per cent higher than the revenues from these sources during the same month last year.

The CNX Nifty ended at 18,696.10, down by 116.40 points or 0.62% after trading in a range of 18,639.20 and 18,781.95. There were 16 stocks advancing against 34 stocks declining on the index. (Provisional)

The top gainers on Nifty were Apollo Hospital up by 2.00%, Tech Mahindra up by 1.20%, Tata Steel up by 1.13%, Grasim Industries up by 1.09% and Dr. Reddy's Lab up by 0.81%. On the flip side, Eicher Motors down by 3.07%, Mahindra & Mahindra down by 2.23%, Tata Consumer down by 2.17%, Hero MotoCorp down by 1.79% and Hindustan Unilever down by 1.79% were the top losers. (Provisional)

European markets were trading mostly in red, UK’s FTSE 100 decreased 22.10 points or 0.29% to 7,536.39 and France’s CAC was down by 20.00 points or 0.3% to 6,733.97. On the flip side, Germany’s DAX was up by 15.97 points or 0.11% to 14,506.27.

Asian markets settled lower on Friday ahead of key US employment report for November due later in the day, while weak US manufacturing data released overnight also dented market sentiment. Investors were also worrying about the failure of China's zero-covid policy and its impact on the global economy. Japanese shares tumbled as the yen strengthened following Fed Chair Jerome Powell's comments signaling smaller interest rate hikes could come as soon as the next meeting in December.