Bourses continue bull run in late afternoon session

Indian equity markets continued their bull run in late afternoon session. Currently, markets were trading near record highs levels ahead of the general assembly election results and after exit poll results. The broader indices, the BSE Mid cap index and Small cap index traded with hefty gains. Sentiments remained upbeat as the finance ministry in its latest data has showed that India’s gross Goods and Services Tax (GST) collections rose by around 10 per cent to Rs 1,72,739 crore for the month of May 2024 as compared to Rs 1,57,090 crore in May 2023. The rise in GST collections was mainly driven by a ‘strong increase in domestic transactions’, which increased by 15.3 per cent as against 13.4 per cent growth rate in April. 

On the global front, Asian markets were trading mostly in green as soft U.S. inflation data revived rate cut hopes and a private survey showed China's factory activity grew the fastest in about two years in May due to production gains and new orders. European markets were trading higher tracking gains in Asian equities, while investors braced for a key interest rate decision from the European Central Bank (ECB) later this week.

The BSE Sensex is currently trading at 76325.12, up by 2363.81 points or 3.20% after trading in a range of 75678.43 and 76738.89. There were 27 stocks advancing against 3 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index gained 3.60%, while Small cap index was up by 2.16%.

The top gaining sectoral indices on the BSE were Utilities up by 8.14%, Power up by 7.93%, PSU up by 7.77%, Oil & Gas up by 7.54% and Energy was up by 6.32%, while there were no losing sectoral indices on the BSE.

The top gainers on the Sensex were Power Grid up by 9.94%, SBI up by 9.19%, NTPC up by 8.65%, Larsen & Toubro up by 6.30% and Ultratech Cement up by 6.03%. On the flip side, Asian Paints down by 0.41%, HCL Tech down by 0.26% and Nestle down by 0.06% were the top losers.

Meanwhile, the finance ministry in its latest data has showed that India’s gross Goods and Services Tax (GST) collections rose by around 10 per cent to Rs 1,72,739 crore for the month of May 2024 as compared to Rs 1,57,090 crore in May 2023. The rise in GST collections was mainly driven by a ‘strong increase in domestic transactions’, which increased by 15.3 per cent as against 13.4 per cent growth rate in April. GST collections had touched a record high of Rs 2.10 lakh crore in April 2024. After accounting for refunds, the net GST revenue for May 2024 stood at Rs 1.44 lakh crore, reflecting a growth of 6.9 per cent compared to the same period last year.

Of the total collection for the month of May, the Central Goods and Services Tax (CGST) collection stood at Rs 32,409 crore; the State Goods and Services Tax (SGST) came in at Rs 40,265 crore; Integrated Goods and Services Tax (IGST) was recorded at Rs 87,781 crore, including Rs 39,879 crore collected on imported goods; and Cess was Rs 12,284 crore, including Rs 1,076 crore collected on imported goods.

The gross GST collections in FY25 till May 2024 (April and May) stood at Rs 3,83,006 crore, which is a 11.30 per cent year-on-year growth over Rs 3,44,125 crore, driven by a strong increase in domestic transactions (up 14.2 per cent) and marginal increase in imports (up 1.4 per cent). After accounting for refunds, the net GST revenue in the FY 2024-25 till May 2024 stood at Rs 3.36 lakh crore, reflecting a growth of 11.6 per cent compared to the same period last year.

The CNX Nifty is currently trading at 23221.95, up by 691.25 points or 3.07% after trading in a range of 23062.30 and 23338.70. There were 41 stocks advancing against 9 stocks declining on the index.

The top gainers on Nifty were Adani Ports up by 10.33%, Power Grid up by 9.90%, SBI up by 8.82%, NTPC up by 8.58% and ONGC up by 8.06%. On the flip side, Eicher Motors down by 1.22%, LTIMindtree down by 0.91%, Asian Paints down by 0.52%, HCL Tech down by 0.39% and Britannia down by 0.23% were the top losers.

Asian markets were trading mostly in green; Taiwan Weighted added 362.54 points or 1.68% to 21,536.76, Hang Seng advanced 323.43 points or 1.76% to 18,403.04, Jakarta Composite gained 112.02 points or 1.58% to 7,082.76, KOSPI increased 46.00 points or 1.71% to 2,682.52, Straits Times rose 10.76 points or 0.32% to 3,347.35 and Nikkei 225 was up by 435.13 points or 1.12% to 38,923.03. On the flip side, Shanghai Composite was down by 8.32 points or 0.27% to 3,078.49.

European markets were trading higher; UK’s FTSE 100 increased 32.4 points or 0.39% to 8,307.78, France’s CAC rose 48.05 points or 0.6% to 8,040.92 and Germany’s DAX was up by 178.91 points or 0.97% to 18,676.85.