Bourses once again come off from highs in late afternoon session

Indian markets have once again come off from highs in late afternoon session but traded above neutral lines. Traders continued to take some support with finance ministry’s statement that 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. Sector wise, coal sector remains in focused as domestic coal production was 7.10 per cent higher year-on-year at 76.26 million tonne (MT) in May. India had produced 71.21 MT coal during the same month in 2022. Ministry of Coal has achieved a remarkable feat with a substantial surge in overall coal production during May 23, reaching 76.26 MT surpassing May 22 of 71.21 MT, representing an increase of 7.10 per cent.

On the global front, Asian markets were trading in green ahead of a US jobs update after Federal Reserve officials reignited hopes another interest rate hike might be postponed. European markets were trading higher after U.S. lawmakers passed a bill to raise the debt ceiling and cap government spending for two years, days before the default deadline.

The BSE Sensex is currently trading at 62490.07, up by 61.53 points or 0.10% after trading in a range of 62379.86 and 62719.84. There were 18 stocks advancing against 11 stocks declining on the index, while 1 stock remained unchanged. 

The broader indices were trading in green; the BSE Mid cap index gained 0.40%, while Small cap index was up by 0.55%.

The top top gaining sectoral indices on the BSE were Realty up by 1.27%, Telecom up by 0.93%, Metal up by 0.92%, Industrials up by 0.68% and Capital Goods was up by 0.63%, while Oil & Gas down by 0.73%, Energy down by 0.56%, TECK down by 0.43%, IT down by 0.32% and Power was down by 0.11% were the top losing indices on BSE.

The top gainers on the Sensex were Mahindra & Mahindra up by 1.22%, Maruti Suzuki up by 1.21%, Hindustan Unilever up by 1.20%, Tata Steel up by 0.99% and Titan Company up by 0.97%. On the flip side, Infosys down by 1.41%, TCS down by 0.70%, Wipro down by 0.52%, Indusind Bank down by 0.37% and HCL Tech down by 0.34% were the top losers.

Meanwhile, highlighting the recently released high GDP growth estimates for FY 2023-24, Union Minister of Textiles, Commerce & Industry, Consumer Affairs and Food and Public Distribution, Piyush Goyal has said that fashion trends, product design, innovative packaging, high quality of goods and services and high exports are going to determine India’s success story in the future. 

The Minister further said that India’s transformational journey since 2014 under the leadership of the Prime Minister Narendra Modi is now recognised globally, and drew attention to Morgan Stanley research report which also recognizes how India has emerged as a key driver for Asian and global growth. 

Besides, Piyush Goyal said that the National Education Policy 2020 aims to change the mindset pertaining to education by changing the curriculum and making it more inclusive and dynamic. He said that the Policy encourages critical thinking amongst the students to help them in their career.

The CNX Nifty is currently trading at 18509.00, up by 21.25 points or 0.11% 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 Apollo Hospital up by 3.26%, Hero MotoCorp up by 3.10%, Hindalco up by 2.49%, Dr. Reddy's Lab up by 1.33% and Maruti Suzuki up by 1.26%. On the flip side, Adani Enterprises down by 2.29%, Infosys down by 1.44%, BPCL down by 0.86%, Eicher Motors down by 0.86% and TCS down by 0.73% were the top losers.

Asian markets were trading in green, Hang Seng advanced 733.03 points or 3.87% to 18,949.94, Nikkei 225 surged 376.21 points or 1.19% to 31,524.22, Taiwan Weighted added 194.26 points or 1.16% to 16,706.91, KOSPI increased 32.19 points or 1.24% to 2,601.36, Shanghai Composite strengthened 25.44 points or 0.79% to 3,230.07 and Straits Times was up by 7.5 points or 0.24% to 3,166.30.

European markets were trading higher, UK’s FTSE 100 increased 46.72 points or 0.62% to 7,536.99, France’s CAC rose 62.45 points or 0.87% to 7,199.88 and Germany’s DAX was up by 117.91 points or 0.74% to 15,971.57.