Benchmarks trade flat in morning deals

Indian equity benchmarks shed all the initial gains and were trading flat in morning deals. Traders turned cautious as provisional data from the National Stock Exchange showed that foreign institutional investors (FIIs) sold shares worth Rs 71.07 crore on June 1, 2023. Some concern also came with Global rating agency Fitch’s report stating that a rise in risk appetite among Indian banks highlights the importance of assessing individual banks' ability to withstand expected and unexpected balance-sheet stress as part of the analysis of their intrinsic creditworthiness. However, some support came with the finance ministry stating that said Goods and Services Tax (GST) collection rose 12 per cent to Rs 1.57 lakh crore in May 2023. Goods and Services Tax collection in May last year was about Rs 1.41 lakh crore. Last month, GST collection was at a record high of Rs 1.87 lakh crore. On the global front, Asian markets are trading in green as the progress on the bill to raise U.S. debt ceiling and increasing hopes that the Federal Reserve might stand still on interest rates in its next meeting helped perk up investor appetite for risky assets.

The BSE Sensex is currently trading at 62410.68, down by 17.86 points or 0.03% after trading in a range of 62379.86 and 62719.84. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.36%, while Small cap index was up by 0.62%.

The top gaining sectoral indices on the BSE were Realty up by 0.91%, Telecom up by 0.71%, Metal up by 0.68%, Industrials up by 0.49% and Consumer Durables up by 0.37%, while TECK down by 0.43%, Oil & Gas down by 0.24%, Energy down by 0.21%, IT down by 0.11% and Utilities down by 0.02% were the top losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 0.85%, Hindustan Unilever up by 0.75%, Tech Mahindra up by 0.72%, Ultratech Cement up by 0.48% and SBI up by 0.46%. On the flip side, Infosys down by 1.32%, Indusind Bank down by 0.79%, TCS down by 0.55%, Sun Pharma down by 0.45% and Wipro down by 0.44% were the top losers.

Meanwhile, the finance ministry has said Goods and Services Tax (GST) collection rose 12 per cent to Rs 1.57 lakh crore in May 2023. Goods and Services Tax collection in May last year was about Rs 1.41 lakh crore. Last month, GST collection was at a record high of Rs 1.87 lakh crore.

The gross Good & Services Tax revenue collected in the month of May, 2023 is Rs 1,57,090 crore of which Central GST is Rs 28,411 crore, State GST is Rs 35,828 crore, Integrated GST is Rs 81,363 crore (including Rs 41,772 crore collected on import of goods) and cess is Rs 11,489 crore (including Rs 1,057 crore collected on import of goods).

During the month, revenue from import of goods was 12 per cent higher and the revenues from domestic transactions (including import of services) are 11 per cent higher than the revenues from these sources during the same month last year.

The CNX Nifty is currently trading at 18505.20, up by 17.45 points or 0.09% after trading in a range of 18478.40 and 18573.70. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Hero MotoCorp up by 2.45%, Hindalco up by 1.83%, Tata Steel up by 0.76%, Bajaj Auto up by 0.75% and Dr. Reddy's Lab up by 0.75%. On the flip side, Eicher Motors down by 1.36%, Infosys down by 1.35%, HDFC Life Insurance down by 1.04%, Cipla down by 1.04% and Indusind Bank down by 0.72% were the top losers.

Asian markets are trading in green; Taiwan Weighted added 199.82 points or 1.21% to 16,712.47, Hang Seng advanced 666.31 points or 3.53% to 18,883.22, Shanghai Composite strengthened 24.43 points or 0.76% to 3,229.06, KOSPI increased 27.41 points or 1.07% to 2,596.58 and Nikkei 225 surged 326.28 points or 1.05% to 31,474.29.