Markets continue to trade marginally in green in second session

Indian equity markets resumed their second session at 11.30 am and will finally conclude at 12.30 pm. Markets continued their trade in green terrain with marginal gains. The broader indices, the BSE Mid cap index and Small cap index traded with gains of over half a percent. Traders took support with robust domestic macroeconomic data. India’s gross revenue collection from the Goods and Services Tax (GST) grew 12.5% to Rs 1,68,337 crore in February 2024 as compared to the same month in 2023, demonstrating continued growth momentum and positive performance. According to the data released by the Ministry of Finance, GST from domestic transactions was higher by 13.9%, while GST from import of goods surged by 8.5%. In stock specific movement, HG Infra jumped on winning Rs 447 crore project from Railways.

The BSE Sensex is currently trading at 73844.90, up by 99.55 points or 0.13% after trading in a range of 73778.14 and 73994.70. There were 18 stocks advancing against 12 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 0.64%, while Small cap index was up by 0.64%.

The top gaining sectoral indices on the BSE were Metal up by 1.05%, Consumer Durables up by 1.01%, Healthcare up by 0.78%, Capital Goods up by 0.64% and Basic Materials was up by 0.59%, while Bankex down by 0.01% was the only losing indices on BSE.

The top gainers on the Sensex were Tata Steel up by 2.67%, Tata Motors up by 1.41%, ITC up by 0.83%, Larsen & Toubro up by 0.82% and Asian Paints up by 0.81%. On the flip side, Mahindra & Mahindra down by 0.68%, Sun Pharma down by 0.54%, Axis Bank down by 0.45%, NTPC down by 0.42% and ICICI Bank down by 0.38% were the top losers.

Meanwhile, aided by higher domestic sales as well as imports, India’s gross revenue collection from the Goods and Services Tax (GST) grew 12.5% to Rs 1,68,337 crore in February 2024 as compared to the same month in 2023, demonstrating continued growth momentum and positive performance. According to the data released by the Ministry of Finance, GST from domestic transactions was higher by 13.9%, while GST from import of goods surged by 8.5%. Besides, GST revenue net of refunds for February 2024 stood at Rs 1.51 lakh crore which is a growth of 13.6% over that for the same period last year.

As of February 2024, the total gross GST collection for the current fiscal year stands at Rs 18.40 lakh crore, 11.7% higher than the collection for the same period in FY 2022-23. The average monthly gross collection for FY 2023-24 is Rs 1.67 lakh crore, exceeding the Rs 1.5 lakh crore collected in the previous year's corresponding period. GST revenue net of refunds as of February 2024 for the current fiscal year is Rs 16.36 lakh crore which is a growth of 13.0% over that for the same period last year. 

February’s gross GST revenue included Rs 31,785 crore of Central Goods and Services Tax (CGST), Rs 39,615 crore of State Goods and Services Tax (SGST) and Rs 84,098 crore of Integrated Goods and Services Tax (IGST), of which Rs 38,593 crore was collected on imported goods. The cess collections stood at Rs 12,839 crore, including Rs 984 crore collected on imported goods.

The CNX Nifty is currently trading at 22392.80, up by 54.05 points or 0.24% after trading in a range of 22367.05 and 22419.55. There were 35 stocks advancing against 15 stocks declining on the index.

The top gainers on Nifty were Tata Steel up by 2.53%, Hero MotoCorp up by 1.63%, Tata Motors up by 1.37%, Apollo Hospital up by 1.13% and Larsen & Toubro up by 0.99%. On the flip side, Mahindra & Mahindra down by 0.66%, Sun Pharma down by 0.45%, NTPC down by 0.45%, Grasim Industries down by 0.44% and ICICI Bank down by 0.41% were the top losers.