Bourses trade at day’s high levels in late afternoon session

The Indian benchmarks traded at day’s high levels in late afternoon session led by gains in IT counter. Hectic buying was also witnessed on BSE Small cap index. Sentiments were positive with slowing U.S. labour market views that the Federal Reserve is near the end of its tightening cycle. Besides, finance ministry has said that gross direct tax collection in 2022-23 rose by around 20 per cent to Rs 19.68 lakh crore, buoyed by personal income tax collection. The gross tax collection exceeded the revised estimates (RE), set on February 1, by Rs 2.41 lakh crore or by 16.97 per cent. Meanwhile, traders were looking forward to Reserve Bank of India’s (RBI) monetary policy outcome, which is scheduled to be delivered tomorrow. On the global front, Asian markets were trading mixed with China mainland and Hong Kong markets closed for a holiday. European markets were trading mostly in red as investor uncertainty lingers over the economic outlook.

The BSE Sensex is currently trading at 59632.34, up by 525.90 points or 0.89% after trading in a range of 59094.40 and 59664.29. There were 21 stocks advancing against 9 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index declined 0.07%, while Small cap index was up by 0.80%.

The gaining sectoral indices on the BSE were Capital Goods up by 1.64%, IT up by 1.15%, FMCG up by 1.14%, Industrials up by 1.13% and TECK was up by 0.96%, while Power down by 1.11%, Utilities down by 1.04%, Auto down by 0.57%, PSU down by 0.47% and Oil & Gas was down by 0.39% were the top losing indices on BSE.

The top gainers on the Sensex were Larsen & Toubro up by 3.43%, HDFC up by 2.66%, HDFC Bank up by 2.51%, ITC up by 1.85% and Sun Pharma up by 1.60%. On the flip side, NTPC down by 1.10%, Indusind Bank down by 1.01%, Mahindra & Mahindra down by 0.95%, SBI down by 0.94% and Maruti Suzuki down by 0.75% were the top losers.

Meanwhile, the finance ministry has said that gross direct tax collection in 2022-23 rose by around 20 per cent to Rs 19.68 lakh crore, buoyed by personal income tax collection. The gross tax collection exceeded the revised estimates (RE), set on February 1, by Rs 2.41 lakh crore or by 16.97 per cent.
After adjusting for refunds, the net income tax paid by individuals and corporates, showed an increase of 18 per cent to Rs 16.61 lakh crore during the fiscal, which ended March 31, 2023. The net direct tax collections have exceeded the BE by 16.97 per cent and RE by 0.69 per cent.

The government had set a budget target of Rs 14.20 lakh crore for direct tax collection, which was revised upwards to Rs 16.50 lakh crore in the RE. For 2023-24 fiscal, which began on April 1, the direct tax mop-up target is Rs 18.23 lakh crore. It said ‘The Gross collection (provisional) of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs 19.68 lakh crore showing a growth of 20.33 per cent over the gross collection of Rs 16.36 lakh crore in FY 2021-22’.
Refunds worth over Rs 3.07 lakh crore were issued during the fiscal, an increase of over 37 per cent over the 2021-22 fiscal. During 2022-23 fiscal, gross corporate tax collection grew 16.91 per cent at over Rs 10.04 lakh crore. Gross personal I-T collection jumped 24.23 per cent to over Rs 9.60 lakh crore.

The CNX Nifty is currently trading at 17539.60, up by 141.55 points or 0.81% after trading in a range of 17402.70 and 17545.20. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Larsen & Toubro up by 3.51%, HDFC up by 2.61%, HDFC Bank up by 2.52%, ITC up by 1.81% and Hindustan Unilever up by 1.60%. On the flip side, Eicher Motors down by 2.53%, Adani Enterprises down by 1.89%, NTPC down by 1.12%, SBI down by 0.91% and Indusind Bank down by 0.91% were the top losers.

Asian markets were trading mixed, KOSPI increased 14.7 points or 0.59% to 2,495.21 and Straits Times was up by 3.78 points or 0.11% to 3,314.90. On the flip side, Jakarta Composite plunged 6.21 points or 0.09% to 6,826.97 and Nikkei 225 was down by 474.16 points or 1.7% to 27,813.26.

European markets were trading mostly in red, France’s CAC fell 23.49 points or 0.32% to 7,321.47 and Germany’s DAX was down by 67.39 points or 0.43% to 15,536.08. On the flip side, UK’s FTSE 100 was up by 14.37 points or 0.19% to 7,648.89.