Sensex, Nifty off day’s low

Indian equity benchmarks staged some recovery in early noon deals, with both Sensex and Nifty coming off their intraday low points. Buying at Healthcare and Industrials counters helped indices to cut some losses, while Bajaj Finance and Bajaj Finserv rallied around 2 per cent each on the BSE. Some support came with SBI Research’s report stating that though the Reserve Bank of India may have decided to withdraw Rs 2000 banknotes from circulation as a part of its currency management, the move is likely to boost various macroeconomic parameters. On May 19, 2023, RBI decided to withdraw the Rs 2000 denomination banknotes from circulation but said it will continue to remain as legal tender. However, RBI has advised banks to stop issuing such banknotes with immediate effect.

On the global front, Asian markets were trading lower, as the Bank of Japan continued to maintain its ultra-loose monetary policy in contrast to the stance of its hawkish peers despite rising inflationary pressures. At the second rate-setting meeting chaired by new Governor Kazuo Ueda, policymakers unanimously voted to maintain a negative interest rate of 0.1 percent on current accounts that financial institutions maintain at the central bank.

The BSE Sensex is currently trading at 63265.77, down by 118.81 points or 0.19% after trading in a range of 63177.42 and 63574.69. There were 12 stocks advancing against 17 stocks declining, while one stock remained unchanged on the index.

The broader indices were trading in green; the BSE Mid cap index rose by 0.45%, while Small cap index was up by 0.49%.

The top gaining sectoral indices on the BSE were Healthcare up by 0.77%, Industrials up by 0.76%, Capital Goods up by 0.50%, Consumer Durables up by 0.40% and IT up by 0.36%, while Telecom down by 0.88%, Bankex down by 0.77%, Utilities down by 0.60%, Power down by 0.56% and Realty down by 0.42% were the top losing indices on BSE.

The top gainers on the Sensex were Bajaj Finance up by 1.93%, Bajaj Finserv up by 1.84%, Sun Pharma up by 1.19%, Tech Mahindra up by 1.05% and Titan Company up by 1.01%. On the flip side, Kotak Mahindra Bank down by 1.63%, Axis Bank down by 1.60%, ICICI Bank down by 1.41%, NTPC down by 1.33% and Indusind Bank down by 1.17% were the top losers.

Meanwhile, the Finance Ministry has said that net direct tax collection rose by 11.18 per cent to Rs 3.80 lakh crore  till June 17 2023 on higher advance tax mop up. The Advance Tax collections for the April-June quarter of 2023-24 stood at Rs 1,16,776 crore as of June 17, reflecting a growth of 13.70 per cent over the same period last fiscal.  

The Net Direct Tax collection of Rs 3,79,760 crore (as of June 17 2023) includes corporation tax (CIT) at Rs 1,56,949 crore and personal income tax (PIT) including Securities Transaction Tax(STT) at Rs 2,22,196 crore. 

On a gross basis, before adjusting refunds, the collection stood at Rs 4.19 lakh crore, a 12.73 per cent growth over the same period last fiscal. This includes Corporation Tax (CIT) at Rs 1.87 lakh crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 2.31 lakh crore. Refunds amounting to Rs 39,578 crore have been issued till June 17, a 30 per cent growth over last year.

The CNX Nifty is currently trading at 18786.30, down by 39.70 points or 0.21% after trading in a range of 18761.90 and 18881.45. There were 22 stocks advancing against 28 stocks declining on the index.

The top gainers on Nifty were Bajaj Finserv up by 2.00%, Bajaj Finance up by 1.98%, Sun Pharma up by 1.21%, Tech Mahindra up by 1.17% and Titan Company up by 1.02%. On the flip side, Axis Bank down by 1.64%, Kotak Mahindra Bank down by 1.58%, ICICI Bank down by 1.41%, Hero MotoCorp down by 1.34% and NTPC down by 1.30% were the top losers.

All Asian markets were trading lower; Nikkei 225 slipped 335.66 points or 1.01% to 33,370.42, Hang Seng declined 245.64 points or 1.23% to 19,794.73, Shanghai Composite weakened 18.71 points or 0.57% to 3,254.62, Straits Times fell 17.1 points or 0.52% to 3,242.93, KOSPI dropped 16.29 points or 0.62% to 2,609.50, Taiwan Weighted lost 14.35 points or 0.08% to 17,274.56 and Jakarta Composite was down by 8.95 points or 0.13% to 6,689.60.