Domestic indices maintain gains in late morning deals

Domestic equity indices maintained their gains in late morning deals on account of hectic buying in IT industry related stocks namely TCS, Infosys, Tech Mahindra, Wipro and HCL. Positive cues from global markets supported domestic sentiments. Sentiments got boost after the Ministry of Finance shared achievements and advancements in India's tax landscape, showcasing steady growth, expedited refunds, and enhanced ease of compliance in a series of announcements. The Ministry of Finance said the net tax collection for April-November of FY24 stood at Rs 10.64 lakh crore, which is 23.4 per cent higher than the corresponding period of last year. The sentiments were further supported by Indian rupee appreciating 10 paise to 83.20 against the dollar at the Interbank Foreign Exchange on increased selling of the US currency by exporters and banks.

On the global front, Asian markets were trading mostly in green following the positive cues from US markets overnight. Back home, on the BSE sectoral front, traders were seen pilling up position in IT, TECK, Metal, Oil & Gas and Basic Materials, while selling was witnessed in FMCG, Realty, Bankex and  Telecom.

The BSE Sensex is currently trading at 70978.75, up by 464.55 points or 0.66% after trading in a range of 70655.97 and 71084.08. There were 19 stocks advancing against 11 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index was down by 0.02%, while Small cap index up by 0.68%.

The top gaining sectoral indices on the BSE were IT up by 3.85%, TECK up by 3.08%, Metal up by 1.19%, Oil & Gas up by 1.06% and Basic Materials up by 0.97%, while FMCG down by 0.49%, Realty down by 0.18%, Bankex down by 0.12% and Telecom down by 0.05% were the top losing indices on BSE.

The top gainers on the Sensex were Tech Mahindra up by 4.47%, Infosys up by 4.25%, HCL up by 4.21%, TCS up by 3.67% and Wipro up by 2.67%. On the flip side, Nestle down by 1.94%, Bharti Airtel down by 0.89%, ITC down by 0.74%, Axis Bank down by 0.56% and Maruti Suzuki down by 0.54% were the top losers.

Meanwhile, the government e-Market (GeM) CEO P K Singh has said that the procurement of goods and services from the government portal GeM is expected to touch Rs 3.5 trillion by the end of this fiscal (FY24) due to higher buying activities by various ministries and departments. In 2021-22, the procurement value stood at Rs 1.06 trillion. It crossed Rs 2 trillion last year. The GeM portal was launched on August 9, 2016, for online purchases of goods and services by all the central government ministries and departments. 

Singh said that the share of central public sector enterprises (CPSEs) in the total buying of goods and services is increasing at a healthy rate. More than 245 CPSEs, including Coal India, SAIL, NTPC and SBI, are participating in the process. The top five undertakings that are procuring maximum in value terms this fiscal (till December 10) include Coal India, National Thermal Power Corporation, Steel Authority of India, Bharat Dynamics and Bharat Heavy Electricals. In just 6.5 months of 2023-24, procurement by CPSEs has surpassed Rs 1 trillion mark. Buying carried out by these units on GeM contributed about 63 per cent to total procurement.

He further said GeM's expansion into the services sector has played a pivotal role in driving its accelerated adoption. He also said that services sector contribution in the total procurement has increased from 23 per cent in 2021-22 to about 50 per cent this fiscal. The provisional procurement of goods and services from government portal GeM by the coal ministry and its affiliated public sector units has reached Rs 34,524 crore as on December 10 in the ongoing financial year.

The CNX Nifty is currently trading at 21313.25, up by 130.55 points or 0.62% after trading in a range of 21235.30 and 21355.65. There were 33 stocks advancing against 17 stocks declining on the index.

The top gainers on Nifty were Tech Mahindra up by 4.30%, Infosys up by 4.15%, LTIMindtree up by 4.12%, HCL  up by 3.96% and TCS up by 3.61%. On the flip side, HDFC Life Insurance down by 2.49%, Nestle down by 2.03%, SBI Life down by 1.07%, Britannia down by 0.98% and Bharti Airtel down by 0.87% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 336.42 points or 2.05% to 16,738.61, Nikkei 225 surged 274.1 points or 0.84% to 32,960.35, Taiwan Weighted added 20.76 points or 0.12% to 17,673.87, KOSPI increased 17.45 points or 0.69% to 2,561.63 and Jakarta Composite gained 2.24 points or 0.03% to 7,178.26. However, Straits Times fell 12.46 points or 0.4% to 3,110.49 and Shanghai Composite weakened 14.21 points or 0.48% to 2,944.78.