Indian equity benchmarks gained traction in afternoon deals to trade near their intraday high points, after Finance Minister Nirmala Sitharaman tweaked the new tax regime. As per the new budget announcements, no tax for income up to Rs 3 lakh per year, income of above Rs 6 lakh, up to Rs 9 lakh to be taxed at 10% under new tax regime, income above Rs 12 lakh and up to Rs 15 lakh to be taxed at 20% under new tax regime and income above Rs 15 lakh to be taxed at Rs 30%.
Traders overlooked the Controller General of Accounts’ (CGA) latest data showing that the government's fiscal deficit as of end-December touched 59.8 per cent of the full-year Budget Estimate on subdued growth in revenue collections. In actual terms, the fiscal deficit -- which is the difference between expenditure and revenue -- was Rs 9,92,976 crore during the April-December period of 2022-23.
On the global front, Asian markets were trading higher, after China's manufacturing sector shrank at a slower pace in January as the downturns in output and new orders softened. The survey results from S&P Global revealed that the Caixin manufacturing Purchasing Managers' Index rose to 49.2 from 49.0 in December. However, the score has remained below the neutral 50.0 for the sixth consecutive month suggesting contraction.
Back home, shares of companies related to Tourism business rose after Finance Minister Nirmala Sitharaman announced that promotion of Tourism to be taken up in mission mode, including via PPPs, while stocks related to the pharma sector were trading higher, as the Finance Minister said that New programme to promote research and innovation in pharma sector will be undertaken.
The BSE Sensex is currently trading at 60229.40, up by 679.50 points or 1.14% after trading in a range of 59807.68 and 60356.82. There were 26 stocks advancing against 4 stocks declining on the index.
The broader indices were trading in green; the BSE Mid cap index rose by 1.08%, while Small cap index was up by 1.06%.
The top gaining sectoral indices on the BSE were Capital Goods up by 1.87%, Bankex up by 1.76%, Industrials up by 1.59%, Metal up by 1.42% and Realty up by 1.30%, while Utilities down by 1.01%, Energy down by 1.00%, Oil & Gas down by 0.92% and Power down by 0.58% were the few losing indices on BSE.
The top gainers on the Sensex were ICICI Bank up by 3.79%, Tata Steel up by 2.47%, Larsen & Toubro up by 2.21%, HDFC up by 2.06% and HDFC Bank up by 2.03%. On the flip side, Sun Pharmaceutical Industries by 2.45%, Mahindra & Mahindra down by 0.38%, ITC down by 0.13% and SBI down by 0.05% were the top losers.
Meanwhile, the Controller General of Accounts (CGA) in its latest data has said that the government's fiscal deficit as of end-December touched 59.8 per cent of the full-year Budget Estimate on subdued growth in revenue collections. In actual terms, the fiscal deficit -- which is the difference between expenditure and revenue -- was Rs 9,92,976 crore during the April-December period of 2022-23.
As per the data, in the corresponding period last year, the deficit was 50.4 per cent of the Budget Estimates (BE) of 2021-22. For 2022-23, the fiscal deficit of the government is estimated to be Rs 16.61 lakh crore or 6.4 per cent of the GDP. The deficit is funded by market borrowing. The net tax revenue at Rs 15.55 lakh crore was 80.4 per cent of BE 2022-23. During the corresponding period of 2021-22, the net tax revenue was 95.4 per cent of that year's BE.
Data also stated that non-tax revenue was at Rs 2.14 lakh crore or 79.5 per cent of BE. In the last fiscal, the collection by December was 106.7 per cent of BE. The central government's total expenditure during April-December works out to be 71.4 per cent of BE of 2022-23, lower than 72.4 per cent of BE in the year-ago period. Capital expenditure stood at Rs 4.89 lakh crore or 65.4 per cent of BE at end-December. The capex was 70.7 per cent of BE during the corresponding period last fiscal. The central government's total receipts, including non-tax revenue, stood at Rs 18.25 lakh crore or 79.9 per cent of the current year's BE. In the year-ago period, the total receipts had touched 89.1 per cent of BE 2021-22.
The CNX Nifty is currently trading at 17858.00, up by 195.85 points or 1.11% after trading in a range of 17731.65 and 17879.55. There were 41 stocks advancing against 9 stocks declining on the index.
The top gainers on Nifty were ICICI Bank up by 3.95%, Tata Steel up by 2.67%, Eicher Motors up by 2.44%, HDFC Bank up by 2.40% and JSW Steel up by 2.35%. On the flip side, Adani Enterprises down by 5.62%, Adani Ports and Special Economic Zone down by 3.17%, Sun Pharmaceutical Industries down by 2.27%, Coal India down by 1.31% and HDFC Life Insurance down by 1.27% were the top losers.
All Asian markets were trading higher; Hang Seng advanced 184.91 points or 0.84% to 22,027.24, Taiwan Weighted added 154.93 points or 1% to 15,420.13, Nikkei 225 surged 19.77 points or 0.07% to 27,346.88, Jakarta Composite gained 25.56 points or 0.37% to 6,864.90, KOSPI increased 24.72 points or 1.01% to 2,449.80, Straits Times rose 6.88 points or 0.2% to 3,372.55 and Shanghai Composite strengthened 25.71 points or 0.78% to 3,281.38.
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