Benchmarks extend losses in morning deals

Indian equity benchmarks extended losses in morning deals, as trade elsewhere in Asia remained muted with most markets closed on account of the Lunar New Year. Investors are looking ahead to the India’s Consumer Price Index (CPI) inflation and Index of Industrial Production (IIP) data to be out later in the day for more directional cues. Traders overlooked Central Board of Direct Taxes (CBDT) stating that net direct tax collection so far in current fiscal grew 20 per cent year-on-year to Rs 15.60 lakh crore, which is 80 per cent of revised budget estimates for full fiscal year. Sectorally, fertilizer industry stocks remained in watch as a private data showed that India’s urea production increased by over 12 per cent in the first nine months of the current financial year (FY24), while imports were marginally less than last year and sales remained flat. Urea is the largest consumed fertilizer in India followed by DAP.

The BSE Sensex is currently trading at 71237.11, down by 358.38 points or 0.50% after trading in a range of 71139.11 and 71756.58. There were 5 stocks advancing against 25 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index fell 1.42%, while Small cap index was down by 1.97%.

The top gaining sectoral indices on the BSE were Healthcare up by 0.49%, IT up by 0.34% and TECK up by 0.21%, while PSU down by 2.96%, Utilities down by 2.66%, Oil & Gas down by 2.27%, Power down by 2.21% and Energy down by 2.15% were the top losing indices on BSE.

The top gainers on the Sensex were Wipro up by 2.02%, HCL Technologies up by 1.24%, Infosys up by 0.64%, Sun Pharma up by 0.47% and Tech Mahindra up by 0.40%. On the flip side, NTPC down by 2.37%, Power Grid Corporation down by 1.94%, SBI down by 1.79%, Bajaj Finance down by 1.50% and Indusind Bank down by 1.36% were the top losers.

Meanwhile, Central Board of Direct Taxes (CBDT) has said that net direct tax collection so far in current fiscal grew 20 per cent year-on-year to Rs 15.60 lakh crore, which is 80 per cent of revised budget estimates for full fiscal year.

It stated the provisional figures of direct tax collections continue to register steady growth. Direct tax collections up to 10th February, 2024 show that gross collections are at Rs 18.38 lakh crore, which is 17.30 per cent higher than the gross collections for the corresponding period of last year. Direct tax collection, net of refunds, till February 10 of FY24 stands at Rs 15.60 lakh crore, which is 20.25 per cent higher than the net collections in the corresponding period last year. This collection is 80.23 per cent of the total revised estimates of direct taxes for 2023-24.

It further said refunds amounting to Rs 2.77 lakh crore have been issued during April 1, 2023 to February 10, 2024. Gross revenue collections for Corporate Income Tax (CIT) and Personal Income Tax (PIT) also showed a steady growth. Growth rate for CIT was 9.16 per cent while for PIT, it was 25.67 per cent (PIT only). After adjustment of refunds, the net growth in CIT collections was 13.57 per cent and that in PIT was 26.91 per cent (PIT only).

The CNX Nifty is currently trading at 21664.50, down by 118.00 points or 0.54% after trading in a range of 21628.75 and 21831.70. There were 13 stocks advancing against 37 stocks declining on the index.

The top gainers on Nifty were Apollo Hospital up by 2.32%, Divi's Lab up by 2.28%, Wipro up by 2.12%, Dr. Reddy's Lab up by 1.72% and HCL Technologies up by 1.30%. On the flip side, Hero MotoCorp down by 4.20%, BPCL down by 3.53%, ONGC down by 3.53%, Coal India down by 3.33% and NTPC down by 2.66% were the top losers.

In the Asian markets, Jakarta Composite gained 38.31 points or 0.53% to 7,273.46.