The Indian equity markets have continued their downfall and made a gap down start and are butchered in the early trade as investors remained concern over the world's biggest economy as well as the global outlook. All the Asian counterparts were witnessing bloodbath at this point of time after last week's historic downgrade of the United States' credit rating. The ratings agency Standard & Poor's on Friday cut the US debt rating to AA+ with a negative outlook from the top notch triple-A for the first time. Back home, the domestic bourses reeling under pressure as there were no gainers on the 30 Sensex stocks. While, continued selling by foreign funds and retail investors dampened the sentiments and BSE's Sensex and NSE's Nifty lost their crucial 17,000 and 5,100 mark respectively in the early trade. On the sectoral front, software, technology and realty remained the top losers on the BSE sectoral space while, there were no gainer on the index. Moreover, technology stocks, due to their exposure to the US, were completely butchered with Wipro, TCS and Infosys all taking a knock in the range of 4.50-5.50 percentage point. The broader indices too were struggling to get some traction and were trading in the red at this point of time while, the market breadth has made a negative start; there were 186 shares on the gaining side against 1,803 shares on the losing side while 45 shares remained unchanged.
The BSE Sensex opened at 16,907.57; about 398 points lower compared to its previous closing of 17,305.87, and has touched a low of 16,793.07 while high remain its opening.
The index is currently trading at 16,857.18, down by 448.69 points or 2.59%. All the stocks remained on decline side on the index.
The overall market breadth has made a subdued start with only 9.14% stocks advancing against 88.64% declines. The broader indices too were bleeding badly; the BSE Mid cap and Small cap indices were down by 2.49% and 3.18% respectively.
IT down by 4.81%, TECk down by 4.17%, Realty down by 3.25%, Metal down by 3.23% and CD down by 2.56%, were the top losers on the index. While, there were no gainer on the index.
Wipro down by 5.30%, TCS down by 5.22%, Tata Motors down by 5.14%, Infosys down by 4.62% and Tata Steel down by 4.49% were the top losers on the index. While, there were no gainer on the index.
Meanwhile, the government is planning to conduct surveys to increase the revenue as it expects to revenue collection to fall on the back of slowdown in industrial production. The Finance Minister Pranab Mukherjee said 'We are trying to maintain (tax) buoyancy by enhancing/strengthening the tax collecting machinery; by bringing more people through surveys and other information within the tax net..."
According to the Income Tax Act 1961, the word survey refers to collection of information at business premises, assessing expenditure on marriages parties and other celebrations.
Around Rs 2,42,377 crore as on December 31, 2010 has been stuck in income tax cases, however, it is less than 2009 which stood at Rs 2,88,336 crore. Whereas industrial production has been moderating during the current fiscal year, during the April to May 2011, industrial output reduced to 5.7 % which is almost half compare to the same period of last fiscal year.
On the demand for additional supplementary grants of Rs 34,724 crore for current financial year, finance minister said that so far in 2011-12, the revenue collections have been robust with indirect tax collection growing by 30% and direct tax revenues up 26% so far. However, finance minister also raised his concern over the possibility of decline in revenue collection in the current fiscal year due to moderation in industrial production. He said 'If the industrial production goes down then it will have an adverse impact in future', by adding further he said, the government is also trying to resolve tax disputes through a settlement mechanism to unlock the money.
Finance Mukherjee said that unlike last year when the government received a windfall through 3G spectrum auction, 'every time luck may not favour. So, I don't know whether there will be any unexpected source. Keeping that in view I am keeping the fiscal control over the whole thing.'
The only gainers of the Nifty were GAIL up by 0.70% and BPCL up by 0.63%.
HCL Tech down by 6.77%, TCS down by 5.32%, Wipro down by 5.31%, Tata Motors by 5.14% and Tata Steel was down by 4.57%, were the major losers on the index.
All the Asian equity indices were trading on the subdued note; Shanghai Composite was down 96.54 points or 3.68% to 2,529.88, Hang Seng was down 845.94 points or 4.04% to 20,100.20, Jakarta Composite was down 176.86 points or 4.51% to 3,744.78, KLSE Composite was down 46.62 points or 3.06% to 1,477.81, Nikkei 225 was down 198.77 points or 2.14% to 9,101.11, Straits Times was down 130.52 points or 4.36% to 2,864.26, Seoul Composite was down 91.63 points or 4.71% to 1,852.12 and Taiwan Weighted was down 253.08 points or 3.22% to 7,600.05
The BSE Sensex opened at 16,907.57; about 398 points lower compared to its previous closing of 17,305.87, and has touched a low of 16,793.07 while high remain its opening.
The index is currently trading at 16,857.18, down by 448.69 points or 2.59%. All the stocks remained on decline side on the index.
The overall market breadth has made a subdued start with only 9.14% stocks advancing against 88.64% declines. The broader indices too were bleeding badly; the BSE Mid cap and Small cap indices were down by 2.49% and 3.18% respectively.
IT down by 4.81%, TECk down by 4.17%, Realty down by 3.25%, Metal down by 3.23% and CD down by 2.56%, were the top losers on the index. While, there were no gainer on the index.
Wipro down by 5.30%, TCS down by 5.22%, Tata Motors down by 5.14%, Infosys down by 4.62% and Tata Steel down by 4.49% were the top losers on the index. While, there were no gainer on the index.
Meanwhile, the government is planning to conduct surveys to increase the revenue as it expects to revenue collection to fall on the back of slowdown in industrial production. The Finance Minister Pranab Mukherjee said 'We are trying to maintain (tax) buoyancy by enhancing/strengthening the tax collecting machinery; by bringing more people through surveys and other information within the tax net..."
According to the Income Tax Act 1961, the word survey refers to collection of information at business premises, assessing expenditure on marriages parties and other celebrations.
Around Rs 2,42,377 crore as on December 31, 2010 has been stuck in income tax cases, however, it is less than 2009 which stood at Rs 2,88,336 crore. Whereas industrial production has been moderating during the current fiscal year, during the April to May 2011, industrial output reduced to 5.7 % which is almost half compare to the same period of last fiscal year.
On the demand for additional supplementary grants of Rs 34,724 crore for current financial year, finance minister said that so far in 2011-12, the revenue collections have been robust with indirect tax collection growing by 30% and direct tax revenues up 26% so far. However, finance minister also raised his concern over the possibility of decline in revenue collection in the current fiscal year due to moderation in industrial production. He said 'If the industrial production goes down then it will have an adverse impact in future', by adding further he said, the government is also trying to resolve tax disputes through a settlement mechanism to unlock the money.
Finance Mukherjee said that unlike last year when the government received a windfall through 3G spectrum auction, 'every time luck may not favour. So, I don't know whether there will be any unexpected source. Keeping that in view I am keeping the fiscal control over the whole thing.'
The S&P CNX Nifty opened at 5,083.85; about 127 points lower compared to its previous closing of 5,211.25, and has touched a high and a low of 5,096.40 and 5,060.05 respectively.
The index is currently trading at 5,083.85, down by 127.40 points or 2.44%. There were just 2 stocks advancing against 48 declines on the index. The only gainers of the Nifty were GAIL up by 0.70% and BPCL up by 0.63%.
HCL Tech down by 6.77%, TCS down by 5.32%, Wipro down by 5.31%, Tata Motors by 5.14% and Tata Steel was down by 4.57%, were the major losers on the index.
All the Asian equity indices were trading on the subdued note; Shanghai Composite was down 96.54 points or 3.68% to 2,529.88, Hang Seng was down 845.94 points or 4.04% to 20,100.20, Jakarta Composite was down 176.86 points or 4.51% to 3,744.78, KLSE Composite was down 46.62 points or 3.06% to 1,477.81, Nikkei 225 was down 198.77 points or 2.14% to 9,101.11, Straits Times was down 130.52 points or 4.36% to 2,864.26, Seoul Composite was down 91.63 points or 4.71% to 1,852.12 and Taiwan Weighted was down 253.08 points or 3.22% to 7,600.05
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