Benchmarks extend losses in late morning deals

Indian equity benchmarks extended losses in late morning deals as stocks of Capital Goods, Auto and Industrials companies declined due to selling pressure. Sentiments remained down-beat with a report by Global Trade Research Initiative (GTRI) stating that India, despite being one of the few developing countries self-sufficient in food, still shipped in $33 billion of farm products in 2023 with more than half of it just accounted for by vegetable oils. Weak trends from Asian markets and fresh foreign fund outflows also weighed on market sentiments. Foreign Institutional Investors (FIIs) offloaded equities worth Rs 855.80 crore on Monday, according to exchange data. Sectorally, majority of power sector stocks fell as the government data showed that India’s power consumption dipped 2.3 per cent to 119.07 Billion Units (BU) in December 2023, marking its first monthly decline in eight months due to lower demand for heating equipment, especially in the north, on account of mild winter. On the global front, Asian markets are trading mostly in red as investors reacted to mixed economic data from China. While official data showed manufacturing activity shrunk, a private-sector survey showed expansion. 

The BSE Sensex is currently trading at 71690.78, down by 581.16 points or 0.80% after trading in a range of 71676.95 and 72332.85. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 1.00%, while Small cap index was down by 0.97%.

The lone gaining sectoral index on the BSE was Healthcare up by 1.12%, while Capital Goods down by 1.77%, Auto down by 1.72%, Industrials down by 1.60%, Basic Materials down by 1.39% and Utilities down by 1.38% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 2.23%, Bharti Airtel up by 0.50% and Bajaj Finance up by 0.34%. On the flip side, Ultratech Cement down by 3.26%, Mahindra & Mahindra down by 2.58%, Wipro down by 2.03%, Larsen & Toubro down by 1.94% and JSW Steel down by 1.77% were the top losers.

Meanwhile, the Central Board of Direct Taxes (CBDT) has said a record of 8.18 crore tax returns have been filed until December 31 this fiscal against 7.51 crore I-T returns filed at the end of December 31, 2022. This is nine per cent more than the total Income Tax Returns (ITRs) filed for 2022-23.

It stated the total number of audit reports and other forms filed during the period is 1.60 crore, as against 1.43 crore audit reports and forms filed in the corresponding period of the preceding year.

Further, it said ‘The Income-Tax Department appreciates taxpayers and tax professionals for making compliances in time, leading to a surge in filing of ITRs, resulting in a new record of 8.18 crore ITRs for the AY 2023-2024 filed up to December 31, 2023 as against 7.51 crore ITRs filed up to December 31, 2022.’

The CNX Nifty is currently trading at 21568.60, down by 173.30 points or 0.80% after trading in a range of 21566.15 and 21755.60. There were 8 stocks advancing against 42 stocks declining on the index.

The top gainers on Nifty were Divi's Lab up by 2.51%, Sun Pharma up by 2.20%, Dr. Reddy's Lab up by 1.41%, Coal India up by 1.10% and Cipla up by 1.02%. On the flip side, Ultratech Cement down by 3.32%, Eicher Motors down by 2.81%, Mahindra & Mahindra down by 2.59%, Wipro down by 2.21% and Adani Enterprises down by 2.20% were the top losers.

Asian markets are trading mostly in red; Taiwan Weighted lost 126.54 points or 0.71% to 17,804.27, Hang Seng declined 246.66 points or 1.47% to 16,800.73, Straits Times fell 8.78 points or 0.27% to 3,231.49 Shanghai Composite weakened 6.23 points or 0.21% to 2,968.70.

On the global front, KOSPI increased 13.07 points or 0.49% to 2,668.35 and Jakarta Composite gained 3.53 points or 0.05% to 7,276.33.