Domestic indices extend gains in late morning deals

Indian equity markets extended their gains in late morning deals on account of buying in NTPC, Tata Steel and Tech Mahindra stocks. Meanwhile, broader indices on the BSE outperformed their large peers and were trading with gains in the range of 0.55-1.10%. Positive cues from global markets supported domestic sentiments. Sentiments were upbeat as a private report said that India's per capita income is expected to grow to $4,000 by 2030 from $2,450 currently, helping it become a middle-income country with a GDP of $6 trillion. On the sectoral front, most of the sectoral indices on BSE were holding in green, with only exception of FMCG counter. Stocks from Utilities, Power, Metal, PSU and IT counters were the prominent gainers.

On the global front, Asian markets were trading mostly in green despite China’s factory activity for July remained in contraction territory for the fourth straight month. The official manufacturing purchasing managers index came in at 49.3, higher than June’s figure of 49.0. Back home, in the stock specific development, Five-Star Business Finance surged after the company posted strong Q1 earnings.

The BSE Sensex is currently trading at 66372.45, up by 212.25 points or 0.32% after trading in a range of 65998.90 and 66380.23. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 0.57%, while Small cap index up by 1.09%.

The top gaining sectoral indices on the BSE were Utilities up by 1.91%, Power up by 1.78%, Metal up by 1.68%, PSU up by 1.17% and IT up by 1.01%, while FMCG down by 0.34% was the top losing index on BSE.

The top gainers on the Sensex were NTPC up by 2.86%, Tata Steel up by 2.41%, Tech Mahindra up by 2.23%, TCS up by 1.79% and Power Grid up by 1.76%. On the flip side, Bajaj Finance down by 1.09%, Kotak Mahindra Bank down by 1.05%, Asian Paints down by 0.92%, Hindustan Unilever down by 0.69% and Bharti Airtel down by 0.41% were the top losers.

Meanwhile, the income tax department has said that over 5 crore income tax returns (ITRs) have been filed for the 2022-23 fiscal, which ended March 31. Out of the 5.03 crore ITRs filed till July 27, 2023, about 4.46 crore ITRs have been e-verified i.e. more than 88 per cent ITRs filed have been e-verified.

Out of the e-verified ITRs, more than 2.69 crore ITRs have already been processed. The last date for filing ITRs by salaried employees and those who do not have to get their accounts audited for assessment year 2023-24 is July 31. 

The department said  ‘to assist taxpayers with ITR filing, tax payment and other related services, our helpdesk is functioning on a 24x7 basis and we are providing support through calls, live chats, Webex sessions and social media.’ It also urged taxpayers who haven't filed ITR for AY 2023-24, to file at the earliest to avoid last minute rush. 

The CNX Nifty is currently trading at 19715.30, up by 69.25 points or 0.35% after trading in a range of 19597.60 and 19716.00. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were NTPC up by 3.10%, Power Grid up by 2.30%, Adani Ports  up by 2.30%, Tata Steel up by 2.20% and Tech Mahindra up by 2.17%. On the flip side, Apollo Hospital down by 2.40%, Britannia down by 1.86%, HDFC Life Insurance down by 1.38%, Kotak Mahindra Bank down by 1.11% and Bajaj Finance down by 0.94% were the top losers.

Asian markets were trading mostly in green; Shanghai Composite strengthened 13.36 points or 0.41% to 3,289.29, KOSPI increased 25.38 points or 0.96% to 2,633.70, Jakarta Composite gained 1.82 points or 0.03% to 6,902.05, Straits Times rose 0.72 points or 0.02% to 3,371.89 Nikkei 225 surged 449.76 points or 1.35% to 33,208.99 and Hang Seng advanced 277.73 points or 1.38% to 20,194.29. However, Taiwan Weighted lost 161.09 points or 0.94% to 17,131.84.