The Indian equity markets have made a flat opening on
the back of mixed global cues. The US markets made a subdued closing
overnight after Fed chief Ben Bernanke's speech failed to spur optimism
of any stimulus while, most of the Asian counterparts were trading in
the positive terrain at this point of time. Back home, the investors
remained cautious after the Deputy Chairman of the Planning Commission
Montek Singh Ahluwalia said that India's September quarter economic
growth is not expected to be better than its previous quarterly growth
of 7.7 percent. On the sectoral front consumer durables, auto and fast
moving consumer goods remained the top gainers while, software, metal
and oil and gas witnessed the most selling pressure, dragging down the
Sensex. Meanwhile, the direct tax collections surged 26% in the first
five months of the current fiscal, easing the worries of slowdown and
rise in fiscal deficit. The indirect tax collections too were up 27% in
April-July 2011-12 over the year-ago period, indicating that the sharp
deceleration in the industrial growth is yet to impact government
revenues. The broader indices were outperforming benchmarks while, the
market breadth on the BSE was positive; there were 1,321 shares on the
gaining side against 544 shares on the losing side while 58 shares
remained unchanged.
The BSE Sensex opened at 17,189.75; about 24 points higher compared to its previous closing of 17,165.54, and has touched a high and a low of 17,211.80 and 17,137.31 respectively.
The index is currently trading at 17,140.73 down by 24.81 points or 0.14%. There were 13 stocks advancing against 17 declines on the index.
The overall market breadth has made a strong start with 68.69% stocks advancing against 28.29% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices was up by 0.53% and 0.68% respectively.
The top gaining sectoral indices on the BSE were, CD up by 0.72%, Auto up by 0.56%, FMCG up by 0.54%, HC up by 0.38% and PSU was up by 0.35%. While, IT down by 0.73%, Metal down by 0.69%, Oil and Gas down by 0.60%, CG down by 0.29% and TECk down by 0.12% were the top losers on the index.
The top gainers on the Sensex were Hero Motocorp up by 2.33%, HUL up by 1.80%, Bharti Airtel up by 1.49%, Coal India up by 1.39% and Bajaj Auto was up by 1.25%.
On the flip side, Hindalco was down by 1.60%, Sterlite Industries was down by 1.59%, Infosys was down by 1.43%, Tata Steel was down by 1.27% and Jindal Steel was down by 1.14% were the top losers on the Sensex.
Meanwhile, the moderation in real economic growth, on the back of slowdown in manufacturing and other industrial sectors, have made the Central Board of Direct Taxes (CBDT) change in its stance of meeting the revenue collection target for the current financial year. As per a senior CBDT official the tax collection for remaining months of current financial year would be under pressure. He further stated that "It will be difficult to meet the target of collecting 10% more than the budget estimate fixed by Finance Minister Pranab Mukherjee".
Though, CBDT has been taking additional efforts for enhance revenue collection, so that the income tax department can achieve the budgeted target of Rs 5.33 lakh crore. But the revenue collection has been under pressures because of slowdown and huge tax refund.
For the first four months of current financial year, direct tax collection declined by 8.1% to Rs 78,679 crore from Rs 85,647 crore in the same period of last fiscal year. This fall in the direct tax collection was mainly because of 183.2% surge in tax refunds. From April to July 2011 tax refunds stood at Rs 53,863 crore compared to Rs 19,021 crore in the same period of last year.
The S&P CNX Nifty opened at 5,161.30; about 9 points higher compared to its previous closing of 5,153.25, and has touched a high and a low of 5,163.75 and 5,142.20 respectively.
The index is currently trading at 5,146.25, lower by 7.00 points or 0.14%. There were 24 stocks advancing against 26 declines on the index.
The top gainers of the Nifty were RCom up by 3.30%, Hero Motocorp up by 2.31%, HUL up by 1.77%, Bharti Airtel up by 1.34% and Bajaj Auto up by 1.29%.
On the flip side, SAIL down by 1.52%, Infosys down by 1.49%, Hindalco down by 1.48%, Sterlite Industries down by 1.45% and Jindal Steel down by 1.08%, were the major losers on the index.
Most of the Asian equity indices were trading in the green; Shanghai Composite was up 3.31 points or 0.13% to 2,502.26, Hang Seng was up 44.36 points or 0.22% to 19,957.18, Jakarta Composite was up 10.33 points or 0.26% to 4,015.72, KLSE Composite was up 2.14 points or 0.15% to 1,471.97 and Taiwan Weighted was up by 17.01 points or 0.23% to 7,565.38.
On the flip side, Nikkei 225 was down 41.48 points or 0.47% to 8,751.64, Straits Times was down 10.47 points or 0.37% to 2,846.43 and Seoul Composite was down by 22.33 points or 1.21% to 1,824.31.
The BSE Sensex opened at 17,189.75; about 24 points higher compared to its previous closing of 17,165.54, and has touched a high and a low of 17,211.80 and 17,137.31 respectively.
The index is currently trading at 17,140.73 down by 24.81 points or 0.14%. There were 13 stocks advancing against 17 declines on the index.
The overall market breadth has made a strong start with 68.69% stocks advancing against 28.29% declines. The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices was up by 0.53% and 0.68% respectively.
The top gaining sectoral indices on the BSE were, CD up by 0.72%, Auto up by 0.56%, FMCG up by 0.54%, HC up by 0.38% and PSU was up by 0.35%. While, IT down by 0.73%, Metal down by 0.69%, Oil and Gas down by 0.60%, CG down by 0.29% and TECk down by 0.12% were the top losers on the index.
The top gainers on the Sensex were Hero Motocorp up by 2.33%, HUL up by 1.80%, Bharti Airtel up by 1.49%, Coal India up by 1.39% and Bajaj Auto was up by 1.25%.
On the flip side, Hindalco was down by 1.60%, Sterlite Industries was down by 1.59%, Infosys was down by 1.43%, Tata Steel was down by 1.27% and Jindal Steel was down by 1.14% were the top losers on the Sensex.
Meanwhile, the moderation in real economic growth, on the back of slowdown in manufacturing and other industrial sectors, have made the Central Board of Direct Taxes (CBDT) change in its stance of meeting the revenue collection target for the current financial year. As per a senior CBDT official the tax collection for remaining months of current financial year would be under pressure. He further stated that "It will be difficult to meet the target of collecting 10% more than the budget estimate fixed by Finance Minister Pranab Mukherjee".
Though, CBDT has been taking additional efforts for enhance revenue collection, so that the income tax department can achieve the budgeted target of Rs 5.33 lakh crore. But the revenue collection has been under pressures because of slowdown and huge tax refund.
For the first four months of current financial year, direct tax collection declined by 8.1% to Rs 78,679 crore from Rs 85,647 crore in the same period of last fiscal year. This fall in the direct tax collection was mainly because of 183.2% surge in tax refunds. From April to July 2011 tax refunds stood at Rs 53,863 crore compared to Rs 19,021 crore in the same period of last year.
However,
the gross direct collections in April to July 2011 increased by 26.63%
to Rs 1, 32,542 crore from Rs 1, 04,668 crore in the April to July
2010-11.The income tax department is hopeful on the second installment
of advance tax payment, which will give clear indication for the coming
months. In order to increase tax collection, the CBDT has decided to
monitor advance tax collection due on September 15, by identifying cases
where additions were confirmed in the first appeal. The CBDT has also
asked the chief commissioners to monitor advance tax payments of top
cases.
To boost revenue collection, the CBDT also has
taken steps like assigning quarterly targets for disposal of pending
cases, recovery of arrear demand by identification of actionable cases,
augmentation of tax deducted at source (TDS) revenue and survey of
selected business segments. It also has decided to maximize cross
verification of data collection via annual information return of income
and issuance of notices in the cases where there was possibility of tax
evasion. The S&P CNX Nifty opened at 5,161.30; about 9 points higher compared to its previous closing of 5,153.25, and has touched a high and a low of 5,163.75 and 5,142.20 respectively.
The index is currently trading at 5,146.25, lower by 7.00 points or 0.14%. There were 24 stocks advancing against 26 declines on the index.
The top gainers of the Nifty were RCom up by 3.30%, Hero Motocorp up by 2.31%, HUL up by 1.77%, Bharti Airtel up by 1.34% and Bajaj Auto up by 1.29%.
On the flip side, SAIL down by 1.52%, Infosys down by 1.49%, Hindalco down by 1.48%, Sterlite Industries down by 1.45% and Jindal Steel down by 1.08%, were the major losers on the index.
Most of the Asian equity indices were trading in the green; Shanghai Composite was up 3.31 points or 0.13% to 2,502.26, Hang Seng was up 44.36 points or 0.22% to 19,957.18, Jakarta Composite was up 10.33 points or 0.26% to 4,015.72, KLSE Composite was up 2.14 points or 0.15% to 1,471.97 and Taiwan Weighted was up by 17.01 points or 0.23% to 7,565.38.
On the flip side, Nikkei 225 was down 41.48 points or 0.47% to 8,751.64, Straits Times was down 10.47 points or 0.37% to 2,846.43 and Seoul Composite was down by 22.33 points or 1.21% to 1,824.31.
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