Benchmarks add some gains in morning deals

Indian equity benchmarks added some gains in morning deals, amid firm trend in global equities and buying in index major Reliance Industries and Bajaj Finance. Sentiments remained up-beat with Minister of State for Finance Bhagwat K Karad stating that the government has taken various reforms following which asset quality of public sector banks has improved significantly with gross NPA ratio declining from the peak of 14.6 per cent in March 2018 to 5.53 per cent in December 2022. Some support also came as the Finance Ministry in its Monthly Economic Review stating that Indian economy is likely to grow at 7 per cent in FY23 despite global headwinds while retail inflation would moderate in line with wholesale inflation which fell to a 25-month low in January. Traders overlooked the Ministry of Labour and Employment stating that retail inflation for agricultural and rural workers increased to 6.94 per cent and 6.87 per cent, respectively, in February 2023, due to increases in prices of medicines, doctor's fees, and bus fares, among others.

On the global front, Asian markets are trading mostly in green as fears of a banking crisis eased, and investors awaited the Federal Reserve's interest-rate decision. Back home, aviation industry stocks were in watch with report that during January-February of this year, domestic airlines carried 2.46 crore passengers as against 1.41 crore in the corresponding period of 2022, thereby registering an annual growth of 74.50 per cent and monthly growth of 56.82 per cent.

The BSE Sensex is currently trading at 57965.44, up by 336.49 points or 0.58% after trading in a range of 57730.09 and 57971.24. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.38%, while Small cap index was up by 0.59%.

The top gaining sectoral indices on the BSE were Consumer Durables up by 1.26%, Telecom up by 1.15%, Capital Goods up by 0.98%, Industrials up by 0.82% and Energy up by 0.60%, while IT down by 0.34%, FMCG down by 0.29%, PSU down by 0.14% and TECK down by 0.09% were the losing indices on BSE.

The top gainers on the Sensex were Reliance Industries up by 2.74%, Bajaj Finance up by 1.88%, Larsen & Toubro up by 1.83%, Titan Company up by 1.62% and Bharti Airtel up by 1.29%. On the flip side, Power Grid Corporation down by 1.25%, Tech Mahindra down by 0.88%, ITC down by 0.86%, HCL Technologies down by 0.78% and Hindustan Unilever down by 0.62% were the top losers.

Meanwhile, Minister of State for Finance Pankaj Chaudhary has said the income tax department raised tax demands amounting to Rs 13,566 crore during the last four financial years under the black money law to deal with undisclosed foreign income and assets. He said that 183 assessment orders were passed in 2021-22 and a demand of Rs 5,350 crore was raised under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. In the four fiscals starting 2018-19, a total of 349 assessment orders were passed and a demand totalling Rs 13,566 was raised.

He also stated that 648 disclosures involving undisclosed foreign assets worth Rs 4,164 crore were made during three months of a one-time compliance window, which closed on September 30, 2015, under the Black Money (Undisclosed Foreign Income and Assets) and Imposition of Tax Act, 2015. The amount collected by way of tax and penalty in such cases was about Rs 2,476 crore.

Further, he said whenever any instance of unaccounted/black money comes to its notice, the income tax department takes appropriate actions as per the provisions of the Income-tax Act, 1961. Such actions include conducting searches and surveys, assessment of income, levy of tax, imposition of penalty, and launching of prosecution, among others.

The CNX Nifty is currently trading at 17079.40, up by 91.00 points or 0.54% after trading in a range of 17016.00 and 17086.15. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Reliance Industries up by 2.89%, HDFC Life Insurance up by 2.44%, Larsen & Toubro up by 2.08%, Titan Company up by 1.82% and Bajaj Finance up by 1.77%. On the flip side, Power Grid Corporation down by 1.30%, ITC down by 0.84%, Tech Mahindra down by 0.82%, BPCL down by 0.65% and JSW Steel down by 0.61% were the top losers.

Asian markets are trading in green; Taiwan Weighted added 70.45 points or 0.45% to 15,490.42, Hang Seng advanced 42.68 points or 0.22% to 19,043.39, Shanghai Composite strengthened 6.56 points or 0.2% to 3,241.47, KOSPI increased 7.58 points or 0.32% to 2,386.78, Jakarta Composite gained 47.95 points or 0.72% to 6,660.44 and Straits Times rose 32.99 points or 1.04% to 3,172.75.