BSE, NSE shut on account of Ambedkar Jayanti
Benchmark Indian equity indices ended with strong gains on Tuesday, recovering from Monday's steep selloff led by broad-based buying in late trade
Indian stock exchanges will remain closed on April 14 on account of Ambedkar Jayanti.
Benchmark Indian equity indices ended with strong gains on Tuesday, recovering from Monday’s steep selloff led by broad-based buying in late trade. At close, Sensex jumped 660 points, or 1.38% at 48,544 and the Nifty ended at 14,504 rallying 194 points, or 1.36%.
M&M was the top gainer in the Sensex pack, rallying around 8 per cent, followed by Bajaj Finserv, Bajaj Finance, Maruti, Axis Bank, ONGC and HDFC Bank.
On the other hand, TCS, Dr Reddy’s, Tech Mahindra, Infosys and Nestle India were among the laggards.
“Domestic equities witnessed brisk rebound towards the second half of session after investors took comfort from the announcement that government is fast-tracking approvals for overseas COVID-19 vaccines to improve the supply of jabs and speed-up vaccination process,” said Binod Modi, Head – Strategy at Reliance Securities.
Nifty Auto index leads the sectoral indices with gains of 4.28%, followed by Nifty Metal & Nifty Bank rallying over 3%. Nifty Realty index soared 2.77% while Nifty FMCG was up 0.46%. On the other hand, Nifty IT index tanked 3.28% whereas Nifty Pharma sank 1.19%.
The broader market mirrored benchmark indices, the BSE MidCap and BSE SmallCap surged 1.46% and 1.21% respectively.
Economic indicators:
India’s indirect tax collection rose in the fiscal ended March 2021. The provisional figures for indirect tax collections (GST & non-GST) for the financial year 2020-21 show that net revenue collections are at Rs 10.71 lakh crore compared with 9.54 lakh crore for the financial year 2019-20, thereby registering a growth of 12.3%.
Net tax collections on account of GST of centre (CGST+IGST+ Compensation Cess) during financial year 2020-21 is Rs 5.48 lakh crore, lower than Rs 5.99 lakh crore in the previous financial year.
The GST collections were severely affected in the first half of the financial year on account of Covid. However, in the second half, the GST collections registered a good growth and collections exceeded Rs 1 lakh crore in each of the last six months. March saw an all-time high of GST collection at Rs 1.24 lakh crore after very good figures in the month of January and February. Several measures taken by the Central Government helped in improving compliance in GST.
Net tax collections on account of Central Excise and Service Tax (Arrears) during financial year 2020-21 stood at Rs 3.91 lakh crore as compared to Rs 2.45 lakh crore in the previous financial year, thereby registering a growth of more than 59%.
Meanwhile, the Index of Industrial Production (IIP) showed industrial output in India once again shrink in February, going down by 3.6%. IIP had contracted by an updated 0.9% in January after rising by 1.6% in December.
The all-India general CPI inflation rose to 5.52% in March 2021 (new base 2012=100), compared with 5.03% in February 2021. The corresponding provisional inflation rate for rural area was 4.61% and urban area 6.52% in March 2021 as against 4.19% and 5.96% in February 2021.
Global markets:
European markets traded higher while Asian stocks closed on a mixed note on Tuesday, following a muted finish overnight on Wall Street.
China’s exports in dollar terms rose by 30.6% in March from one year earlier while imports jumped 38.1% compared to the same time last year.
U.S. stocks settled near their record levels on Monday as dull trading resumed before the release of widely-watched inflation data and the start of first-quarter corporate earnings.
Fed Chairman Jerome Powell on Sunday reiterated that the Fed wants to see inflation rise above its 2% for an extended period before officials move to raise interest rates. He added that amid an accelerated COVID-19 vaccine rollout and strong fiscal support, the U.S. economy appears to be at a turning point.