Benchmarks remain in green in morning deals

Indian equity benchmarks remained in green in morning deals led by gains in Oil & Gas, Healthcare and PSU stocks. Traders took support with data showing that India’s factory output, measured in terms of the Index of Industrial Production (IIP), grew to a seven-month high of 5.9 per cent in May 2024, led by better-than-expected expansion in power and mining sectors. Industrial growth was 5 per cent in April, 5.4 per cent in March, 5.6 per cent in February and 4.2 per cent in January 2024. The IIP was 5.7 per cent in May 2023. Some support also came with Commerce and Industry Minister Piyush Goyal’s statement that India's exports have recorded healthy growth in May and remained in the positive zone in June and the first quarter of the current fiscal despite global challenges. He also said that growth in the services sector is helping the country's outbound shipments to register positive growth rates. Besides, Foreign Institutional Investors (FIIs) bought equities worth Rs 4,021.60 crore on Friday, according to exchange data.

On the global front, Asian markets are trading mixed amid rising prospects of an interest rate cut by the US Fed as early as September after data showed an unexpected drop in US consumer price inflation in the month of June.  Back home, on the sectoral front, auto stocks remained in focus as latest SIAM data showed that automobile exports from India rose 15.5 per cent year-on-year in the June quarter with all verticals, barring three-wheelers, recording growth in shipments. Overall shipments stood at 11,92,577 units in the first quarter the current fiscal year, as compared with 10,32,449 units in the same period of the last fiscal. 

The BSE Sensex is currently trading at 80741.19, up by 221.85 points or 0.28% after trading in a range of 80556.97 and 80813.69. There were 23 stocks advancing against 7 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index rose 0.48%, while Small cap index was up by 0.18%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 1.11%, Healthcare up by 0.85%, PSU up by 0.80%, Auto up by 0.72% and Utilities up by 0.70%, while Capital Goods down by 0.12% and Industrials down by 0.03% were the few losing indices on BSE.

The top gainers on the Sensex were NTPC up by 1.88%, HCL Technologies up by 1.80%, SBI up by 1.34%, ITC up by 1.01% and TCS up by 0.84%. On the flip side, Asian Paints down by 1.50%, Titan Company down by 0.66%, Tata Steel down by 0.47%, Reliance Industries down by 0.29% and Bajaj Finserv down by 0.18% were the top losers.

Meanwhile, Central Board of Direct Taxes (CBDT) in its latest data has showed that net direct tax collection grew 19.54 per cent to over Rs 5.74 lakh crore so far this fiscal on higher advance tax payment by corporates. The first instalment of advance tax, which was due on June 15, rose 27.34 per cent to Rs 1.48 lakh crore. This includes Corporation Income Tax (CIT) at Rs 1.14 lakh crore and Personal Income Tax (PIT) at Rs 34,470 crore.

CBDT stated that the net direct tax collection of Rs 5,74,357 crore (as of July 11, 2024) includes CIT at Rs 2,10,274 crore and PIT at Rs 3,46,036 crore. Securities Transaction Tax (STT) contributed Rs 16,634 crore to the direct tax collection. During the same period last year, net direct tax collection was Rs 4,80,458 crore.

It further said refunds amounting to Rs 70,902 crore have also been issued in FY25 till July 11, which is 64.4 per cent higher than refunds issued during the same period in the previous year. For April-July 11, gross collection of direct taxes (before adjusting for refunds) stood at Rs 6.45 lakh crore compared to Rs 5.23 lakh crore in the year-ago period, showing a growth of 23.24 per cent. For full fiscal year, the interim budget has pegged direct tax collection at Rs 21.99 lakh crore.  

The CNX Nifty is currently trading at 24590.00, up by 87.85 points or 0.36% after trading in a range of 24522.75 and 24603.40. There were 40 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were Shriram Finance up by 1.93%, ONGC up by 1.84%, NTPC up by 1.84%, HCL Tech. up by 1.65% and SBI up by 1.26%. On the flip side, Asian Paints down by 1.43%, Grasim Industries down by 1.36%, LTIMindtree down by 0.80%, Titan Company down by 0.59% and Tata Steel down by 0.56% were the top losers.

Asian markets are trading mixed; Shanghai Composite strengthened 4.58 points or 0.15% to 2,975.88, Straits Times rose 3.3 points or 0.09% to 3,501.08 and KOSPI increased 0.74 points or 0.03% to 2,857.74. On the flip side, Hang Seng declined 241.39 points or 1.32% to 18,051.99, Jakarta Composite plunged 42.48 points or 0.58% to 7,285.10 and Taiwan Weighted lost 88.37 points or 0.37% to 23,828.56.