Domestic indices remain in red in late morning deals

Domestic equity markets remained in red in late morning deals on account of selling by funds and retail investors. Hectic selling in Maruti Suzuki, Tata Motors, JSW Steel and Mahindra & Mahindra companies’ stocks dragged the markets lower. Weak cues from the global markets weighed on the domestic sentiments. Traders remained cautious as disappointing U.S. data raised worries about a potential slowdown in the world's largest economy. Traders overlooked report that Goods and Services Tax (GST) collections in July saw a significant increase, totaling Rs 182,075 crore, which marks a 10.3% rise compared to Rs 165,105 crore collected in July 2023.   

On the global front, Asian markets were trading in red following negative cues from the US markets overnight amid recession fears. Back home, Zomato soared after reporting a multi-fold jump in Q1 net profit.

The BSE Sensex is currently trading at 81227.16, down by 640.39 points or 0.78% after trading in a range of 80995.70 and 81345.60. There were 6 stocks advancing against 24 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.59%, while Small cap index down by 0.25%.

The only gaining sectoral index on the BSE was Healthcare up by 0.17%, while Metal down by 2.24%, Auto down by 2.22%, Realty down by 1.88%, PSU down by 1.31% and Capital Goods down by 1.15% were the top losing indices on BSE.

The top gainers on the Sensex were HDFC Bank up by 1.71%, Asian Paints up by 0.75%, Adani Ports & SEZ up by 0.48%, Kotak Mahindra Bank up by 0.28% and Sun Pharma up by 0.26%. On the flip side, Maruti Suzuki down by 4.16%, Tata Motors down by 3.43%, JSW Steel down by 3.08%, Tata Steel down by 2.64% and Mahindra & Mahindra down by 1.98% were the top losers.

Meanwhile, the government data has showed that the Goods and Services Tax (GST) collections rose 10.3 per cent to over Rs 1.82 lakh crore in July 2024 as against Rs 1.65 lakh crore in the corresponding period last year, mainly driven by domestic transactions in goods and services. This is the third-highest monthly collection recorded since the indirect tax regime was rolled out seven years ago on July 1, 2017. The GST revenue in June was Rs 1.74 lakh crore. 

According to the data, total refunds stood at Rs 16,283 crore in July. The net GST collection after adjusting refunds was over Rs 1.66 lakh crore, a growth of 14.4 per cent. The Gross GST revenue stood at Rs 1,82,075 crore, which includes Central GST of Rs 32,386 crore, State GST of Rs 40,289 crore, and Integrated GST of Rs 96,447 crore. The compensation cess mopup was Rs 12,953 crore. 

It further stated that the revenues were driven by taxes from domestic activities, which grew 8.9 per cent to Rs 1.34 lakh crore in July. The revenue from imports jumped 14.2 per cent to Rs 48,039 crore. Gross GST revenues hit a record high of Rs 2.10 lakh crore in April 2024, the previous high was on April 2023 when it was Rs 1.87 lakh crore. At Rs 1.82 lakh crore, collection in July 2024 is the third-highest ever. So far this fiscal (April-July), the collections have grown 10.2 per cent to about Rs 7.39 lakh crore.

The CNX Nifty is currently trading at 24805.60, down by 205.30 points or 0.82% after trading in a range of 24723.70 and 24851.90. There were 11 stocks advancing against 39 stocks declining on the index.

The top gainers on Nifty were HDFC Bank up by 1.87%, Asian Paints up by 0.77%, Apollo Hospital up by 0.65%, Shriram Finance up by 0.55% and Dr. Reddy's Lab up by 0.50%. On the flip side, Maruti Suzuki down by 4.17%, Tata Motors down by 3.43%, Eicher Motors down by 3.31%, JSW Steel down by 3.01% and Tata Steel down by 2.59% were the top losers.

All Asian markets were trading lower; Hang Seng declined 434.65 points or 2.51% to 16,870.31, Jakarta Composite plunged 14.58 points or 0.2% to 7,311.41, Shanghai Composite weakened 16.96 points or 0.58% to 2,915.43, Straits Times fell 34.89 points or 1.02% to 3,384.95, KOSPI dropped 100.99 points or 3.64% to 2,676.69, Nikkei 225 slipped 2162.66 points or 5.67% to 35,963.67 and Taiwan Weighted lost 1000.99 points or 4.42% to 21,641.11.