Markets trade in green on first trading session of 2023

Indian equity markets have made a positive start and are trading marginally higher in early deals on first trading day of 2023 due to buying in Metal, PSU, Bankex stocks. Meanwhile, broader indices on the BSE are also trading higher. Sentiments got boost as the Finance Ministry has said Gross GST revenue receipts in December 2022 totalled nearly Rs 1.5 lakh crore, up 15% year-on-year. It mentioned monthly GST revenues more than Rs 1.4 lakh crore for 10 straight months in a row. Traders took a note of report that IT Minister Rajeev Chandrasekhar has said India’s digital prowess will grow in 2023 and over the next five years, driven by technology, start ups, semiconductors, electronics and computing. There were some reaction in Oil and gas industry related stocks as India's petrol and diesel demand soared in December as increased consumption in agriculture sector helped build on the momentum generated by the festive season. Petrol sales soared 8.6 per cent to 2.76 million tonnes in December, as compared to 2.54 million tonnes of consumption in the same month last year.

On the global front, Asian markets are trading in red on Monday amid thin trading volume. Major Japanese and Chinese markets remain closed for the holidays. The US markets ended lower on Friday as some traders looked to cash in on Thursday’s strong gains, which largely reflected a substantial rebound by technology stocks. Back home, in the stock specific development, BF Investment was locked on the BSE after the company said its board will meet on Wednesday, January 4, 2023 to consider a delisting proposal.

The BSE Sensex is currently trading at 60908.74, up by 68.00 points or 0.11% after trading in a range of 60764.63 and 60964.27. 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 0.17%, while Small cap index up by 0.29%.

The top gaining sectoral indices on the BSE were Metal up by 1.76%, PSU up by 0.58%, Bankex up by 0.43%, Telecom up by 0.40% and Oil & Gas up by 0.34%, while Healthcare down by 0.72%, FMCG down by 0.21%, IT down by 0.13%, Consumer Durables down by 0.11% and TECK down by 0.06% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 3.42%, Tata Motors up by 1.52%, ICICI Bank up by 1.04%, SBI up by 0.60% and Reliance Industries up by 0.51%. On the flip side, Asian Paints down by 2.11%, Bajaj Finance down by 1.13%, Sun Pharma down by 1.03%, Bajaj Finserv down by 0.92% and Tech Mahindra down by 0.52% were the top losers.

Meanwhile, the Finance Ministry has said that Goods and Services Tax (GST) collections for December 2022 stood at Rs 1,49,507 crore -- 2.5 per cent more than Rs 1,45,867 crore collected in November 2022. On year-on-year basis, GST revenue collected for December 2022 was 15 per cent higher than collections of December 2021, which was Rs 1,29,780 crore.

It mentioned monthly GST revenues more than Rs 1.4 lakh crore for 10 straight months in a row. The gross GST revenue collected during December 2022 is Rs 1,49,507 crore, of which CGST is Rs 26,711 crore, SGST is Rs 33,357 crore, IGST is Rs 78,434 crore (including Rs 40,263 crore collected on import of goods) and cess is Rs 11,005 crore (including Rs 850 crore collected on import of goods).

Moreover, it stated that the government has settled Rs 36,669 crore to CGST and Rs 31,094 crore to SGST from IGST as regular settlement. The total revenue of the Centre and the states after regular settlements in December 2022 is Rs 63,380 crore for CGST and Rs 64,451 crore for the SGST.

The CNX Nifty is currently trading at 18146.65, up by 41.35 points or 0.23% after trading in a range of 18086.50 and 18153.20. There were 23 stocks advancing against 27 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 3.11%, Hindalco up by 2.15%, Tata Motors up by 1.39%, ICICI Bank up by 1.27% and BPCL up by 1.12%. On the flip side, Asian Paints down by 1.84%, Divi's Lab down by 1.20%, Bajaj Auto down by 1.19%, Sun Pharma down by 1.16% and Bajaj Finance down by 0.76% were the top losers.

Asian markets are trading in red, KOSPI fell 6.19 points or 0.28% to 2,230.21 and Jakarta Composite lost 15.40 points or 0.22% to 6,835.22.