Domestic indices remain in red in late morning deals

Domestic equity indices remained in red in late morning deals on account of selling in Tata Motors, Tata Steel, HDFC Bank and Sun Pharma companies’ stocks. Meanwhile, broader indices were also trading in red with BSE Mid cap index and Small cap index falling in the range of 0.50-.65%.  Market participants remained on sidelines ahead of the Federal Reserve's rate decision, due out later in the day. Further, depreciation in Indian rupee against dollar weighed down sentiments. Rupee weakened by 7 paise to 83.10 against the dollar at the Inter-bank Foreign Exchange market on account of increased demand for the American currency from importers and banks.

On the global front, Asian markets were trading mostly in green following positive cues from the US markets overnight. Back home,  on the BSE sectoral front, traders were seen pilling up position in  Auto, TECK, Energy, Oil & Gas and IT, while selling was witnessed in  Metal, Basic Materials, Consumer Durables, Realty and Utilities. In the stock specific development, Eicher Motors surged after global brokerage upgraded the stock to Buy from Neutral.

The BSE Sensex is currently trading at 71875.75, down by 136.30 points or 0.19% after trading in a range of 71674.42 and 72268.60. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.50%, while Small cap index down by 0.61%.

The top gaining sectoral indices on the BSE were Auto up by 0.34%, TECK up by 0.18%, Energy up by 0.16%, Oil & Gas up by 0.06% and IT up by 0.03%, while Metal down by 1.14%, Basic Materials down by 1.00%, Consumer Durables down by 0.82%, Realty down by 0.63% and Utilities down by 0.58% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 3.00%, Nestle up by 1.45%, Bajaj Finance up by 1.31%, Indusind Bank up by 0.98% and TCS up by 0.69%. On the flip side, Tata Motors down by 2.78%, Tata Steel down by 1.75%, HDFC Bank down by 1.46%, Sun Pharma down by 1.27% and JSW Steel down by 1.09% were the top losers.

Meanwhile, the Central Board of Direct Taxes (CBDT) has said that the provisional figures of net direct tax collections registered a growth of 19.88 per cent to Rs 18,90,259 crore for the financial year 2023-24 (as of March 17, 2024) as compared to Rs 15,76,776 crore in the corresponding period of the previous financial year (FY 2022–23), on higher advance tax mop-up. 

It said net direct tax collection of Rs 18,90,259 crore includes Corporation Tax (CIT) at Rs 9,14,469 crore (net of refund) and Personal Income Tax (PIT), including Securities Transaction Tax (STT) at Rs 9,72,224 crore (net of refund). Advance Tax collections for Financial Year 2023-24 (as of March 17) stood at Rs 9.11 lakh crore, a 22.31 per cent growth over the last fiscal. The Advance Tax collection of Rs 9,11,534 crore comprises CIT at Rs 6.73 lakh crore and PIT at Rs 2.39 lakh crore. Refunds of about Rs 3.37 lakh crore have also been issued in the current fiscal till March 17. 

It further said on a gross basis, before adjusting refunds, the direct tax collection stood at Rs 22.27 lakh crore, an 18.74 per cent growth over the year-ago period. The government had in the revised estimates for direct tax collection pegged the receipts for the full fiscal (April-March) at Rs 19.45 lakh crore.

The CNX Nifty is currently trading at 21791.35, down by 26.10 points or 0.12% after trading in a range of 21710.20 and 21891.70. There were 21 stocks advancing against 29 stocks declining on the index.

The top gainers on Nifty were Eicher Motors up by 4.98%, Maruti Suzuki up by 3.09%, Nestle up by 1.69%, Bajaj Finance up by 1.31% and BPCL up by 0.94%. On the flip side, Tata Motors down by 2.65%, Hindalco down by 2.03%, Tata Consumer down by 1.71%, UPL down by 1.67% and Tata Steel down by 1.58% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 41.05 points or 0.25% to 16,570.53, Straits Times rose 8 points or 0.25% to 3,181.55, KOSPI increased 33.20 points or 1.23% to 2,689.37 and Shanghai Composite strengthened 16.77 points or 0.54% to 3,079.53. However, Jakarta Composite plunged 1.86 points or 0.03% to 7,334.89 and Taiwan Weighted lost 123.14 points or 0.62% to 19,734.06.