Indian equity indices showcased yet another
courageous performance and went on to outclass indices around the world
by vivaciously rallying by two percentage points in the session and
settling just below the psychological 5,000 (Nifty) and 16,600 (Sensex)
levels. Friday's optimism got spilled over into the Monday's session
helping the frontline indices in extending the winning momentum for
second successive session as encouraging global developments buttressed
domestic sentiments. Investors continued to build hefty positions across
the board as sentiments got a boost after reports that French President
and German Chancellor have pledged to protect the banks and resolve the
region's lingering debt trouble that is threatening global growth.
Investors' morale also remained upbeat as the US Labor Department
reported, employers added 103,000 workers in September after a revised
57,000 increase the month before, indicating that US is not moving into a
recession. On the domestic front, telecom shares like Bharti Airtel,
Reliance Communications, MTNL, Tata Tele and Idea Cellular spurted in
the dying hours of the session after telecom minister Kapil Sibal
unveiled the new draft National Telecom Policy 2011 with an objective to
provide secure reliable, affordable high-quality telecom services
anytime anywhere. Meanwhile, IT bellwether Infosys surged by over three
percent ahead of its quarterly earnings announcement on October 12,
which will officially mark the start of September quarter earnings
season. Also, Index heavyweight Reliance Industries made its presence
felt by surging over three percent in the session on reports that the
company is eyeing a deal with the Indian unit of Walt Disney, to acquire
content for its telecom operations. In the meantime, marketmen
overlooked reports that CLSA has downgraded the Indian power sector
citing concerns of rising debt, shortage of raw material, funding
problems and lack of policy action.
Earlier on Dalal Street, the benchmark got off to a soft start as the indices showed signs of consolidation in early trade, a session after the awe-inspiring close to three percent rally. But the frontline indices slowly but steadily started gathering steam and surged by around one and half a percent by late morning trades. The bourses further capitalized on the momentum and spurted in afternoon trades on the back of broad based bottom fishing in undervalued stocks. The northbound journey only concluded with the close of the session helping the key gauges in recovering the ground lost in the week gone by. Eventually the NSE's 50-share broadly followed index Nifty, got buttressed by close to two percent to settle below the crucial 5,000 support level while Bombay Stock Exchange's Sensitive Index-Sensex accumulated over three hundred points and closed just below the psychological 16,600 mark. Moreover, the broader markets too participated in the rally and closed with gains of over a percent. On the BSE sectoral space, buying was evident across the board and investors piled up hefty positions in the high beta Realty counter which rocketed by over three percent while the Consumer Durables, IT and Oil & Gas pockets too gained from strength to strength and climbed by about three percent each. However, only chink in the armor was the defensive - Heathcare index which closed on a flat note with a negative bias as heavyweights like Sun Pharma and Cipla plunged by around a percent. The markets zoomed on good volumes of over Rs 1 lakh crore while the turnover for NSE F&O segment too remained on the higher side as compared to Friday at over 0.90 lakh core. The market breadth remained optimistic as there were 1686 shares on the gaining side against 1084 shares on the losing side while 136 shares remained unchanged.
Finally, the BSE Sensex jumped 324.69 points or 2.00% to settle at 16,557.23, while the S&P CNX Nifty surged by 91.55 points or 1.87% to close at 4,979.60. The BSE Sensex touched a high and a low of 16,595.93 and 16,230.77 respectively. The BSE Mid cap and Small cap index were up by 1.36% and 0.97% respectively.
The major gainers on the Sensex were Tata Motors up 7.40%, Tata Power up 5.44%, DLF up 4.74%, Wipro up 4.42% and Sterlite Industries up 3.48%. While, Maruti Suzuki down 3.58%, Sun Pharma down 1.38%, Jindal Steel down 1.37%, Cipla down 0.82% and L&T down 0.51% were the major losers on the index.
The top gainers in the BSE sectoral space were Realty up 3.22%, IT up 2.85%, Consumer Durables (CD) up 2.78%, Oil & Gas up 2.72% and TECk up 2.66%. However, there was no loser on BSE sectoral space.
Meanwhile, mirroring the slowdown together with the cut in duties on petroleum products, customs and central excise collections declined during September this fiscal even as the total indirect tax mop-up during the month was 1.2% higher at Rs 28,510 crore. As per the official data, while the revenue mop-up through customs duty slipped by 10.9% to Rs 10,126 crore, excise duty collection eased marginally by 0.3% to Rs 11,417 crore. The slippage in revenue collection was on the back of service tax which, went up by 29.6% to Rs 6,967 crore from Rs 5,374 crore gathered during September 2010.
For direct taxes, the gross collection was 23% higher at Rs 2,57,042 crore in the first-half of 2011-12 against Rs 2,08,971 crore gathered during the same period last fiscal, mainly on the back of higher corporate tax realization during the first quarter. However, after refunds, the net direct tax collections was only about 7% higher at Rs 1,94,812 crore during the April-September period of the current fiscal as compared to Rs 1,81,758 crore collected during the same period of 2010-11. Here it may be recalled that when hiking prices of diesel and cooking gas in June this year, the government had reduced the customs and excise duties on crude oil and other products.
On the other hand, the total indirect tax collection during the first six months this fiscal (April-September) stood at Rs 1.69 lakh crore, about 20.8% higher than the mop-up in the same period in 2010-11. While customs duty collection during the two quarters was 20% higher at Rs 73,247 crore, the revenue realization through excise was 14% more at Rs 58,964 crore. Service tax collection totaled Rs 36,459 crore, marking a surge of 35.6%.
Similarly, the gross collection through corporate taxes was Rs 1,75,360 crore during the first-half which is an increase of 23.17% when compared with Rs 1,42,368 crore gathered during the same period in 2010-11. Also, personal income tax collection was 22.65% higher at Rs 81,353 crore against Rs 66,330 crore in the previous fiscal. Clearly, the impact of the slowdown, following a deceleration in industrial growth to 3.3% in July, was marked during the second quarter (July-September) of the fiscal year.
The S&P CNX Nifty touched high and low of 4,991.15 and 4,882.05, respectively.
The top gainers on the Nifty were Tata Motors up 6.47%, Sesa Goa up 5.51%, Tata Power up 5.29%, DLF up 4.84% and IDFC up 4.81%. On the flip side, Maruti Suzuki down 3.79%, Jindal Steel down 1.70%, Sun Pharma down 1.30%, Cipla down 0.98% and Siemens down 0.70% were the top losers on the index.
The European markets were trading in green. France's CAC 40 gained 0.71%, Britain's FTSE up by 0.93%, and Germany's DAX advanced by 0.33%.
Earlier on Dalal Street, the benchmark got off to a soft start as the indices showed signs of consolidation in early trade, a session after the awe-inspiring close to three percent rally. But the frontline indices slowly but steadily started gathering steam and surged by around one and half a percent by late morning trades. The bourses further capitalized on the momentum and spurted in afternoon trades on the back of broad based bottom fishing in undervalued stocks. The northbound journey only concluded with the close of the session helping the key gauges in recovering the ground lost in the week gone by. Eventually the NSE's 50-share broadly followed index Nifty, got buttressed by close to two percent to settle below the crucial 5,000 support level while Bombay Stock Exchange's Sensitive Index-Sensex accumulated over three hundred points and closed just below the psychological 16,600 mark. Moreover, the broader markets too participated in the rally and closed with gains of over a percent. On the BSE sectoral space, buying was evident across the board and investors piled up hefty positions in the high beta Realty counter which rocketed by over three percent while the Consumer Durables, IT and Oil & Gas pockets too gained from strength to strength and climbed by about three percent each. However, only chink in the armor was the defensive - Heathcare index which closed on a flat note with a negative bias as heavyweights like Sun Pharma and Cipla plunged by around a percent. The markets zoomed on good volumes of over Rs 1 lakh crore while the turnover for NSE F&O segment too remained on the higher side as compared to Friday at over 0.90 lakh core. The market breadth remained optimistic as there were 1686 shares on the gaining side against 1084 shares on the losing side while 136 shares remained unchanged.
Finally, the BSE Sensex jumped 324.69 points or 2.00% to settle at 16,557.23, while the S&P CNX Nifty surged by 91.55 points or 1.87% to close at 4,979.60. The BSE Sensex touched a high and a low of 16,595.93 and 16,230.77 respectively. The BSE Mid cap and Small cap index were up by 1.36% and 0.97% respectively.
The major gainers on the Sensex were Tata Motors up 7.40%, Tata Power up 5.44%, DLF up 4.74%, Wipro up 4.42% and Sterlite Industries up 3.48%. While, Maruti Suzuki down 3.58%, Sun Pharma down 1.38%, Jindal Steel down 1.37%, Cipla down 0.82% and L&T down 0.51% were the major losers on the index.
The top gainers in the BSE sectoral space were Realty up 3.22%, IT up 2.85%, Consumer Durables (CD) up 2.78%, Oil & Gas up 2.72% and TECk up 2.66%. However, there was no loser on BSE sectoral space.
Meanwhile, mirroring the slowdown together with the cut in duties on petroleum products, customs and central excise collections declined during September this fiscal even as the total indirect tax mop-up during the month was 1.2% higher at Rs 28,510 crore. As per the official data, while the revenue mop-up through customs duty slipped by 10.9% to Rs 10,126 crore, excise duty collection eased marginally by 0.3% to Rs 11,417 crore. The slippage in revenue collection was on the back of service tax which, went up by 29.6% to Rs 6,967 crore from Rs 5,374 crore gathered during September 2010.
For direct taxes, the gross collection was 23% higher at Rs 2,57,042 crore in the first-half of 2011-12 against Rs 2,08,971 crore gathered during the same period last fiscal, mainly on the back of higher corporate tax realization during the first quarter. However, after refunds, the net direct tax collections was only about 7% higher at Rs 1,94,812 crore during the April-September period of the current fiscal as compared to Rs 1,81,758 crore collected during the same period of 2010-11. Here it may be recalled that when hiking prices of diesel and cooking gas in June this year, the government had reduced the customs and excise duties on crude oil and other products.
On the other hand, the total indirect tax collection during the first six months this fiscal (April-September) stood at Rs 1.69 lakh crore, about 20.8% higher than the mop-up in the same period in 2010-11. While customs duty collection during the two quarters was 20% higher at Rs 73,247 crore, the revenue realization through excise was 14% more at Rs 58,964 crore. Service tax collection totaled Rs 36,459 crore, marking a surge of 35.6%.
Similarly, the gross collection through corporate taxes was Rs 1,75,360 crore during the first-half which is an increase of 23.17% when compared with Rs 1,42,368 crore gathered during the same period in 2010-11. Also, personal income tax collection was 22.65% higher at Rs 81,353 crore against Rs 66,330 crore in the previous fiscal. Clearly, the impact of the slowdown, following a deceleration in industrial growth to 3.3% in July, was marked during the second quarter (July-September) of the fiscal year.
The S&P CNX Nifty touched high and low of 4,991.15 and 4,882.05, respectively.
The top gainers on the Nifty were Tata Motors up 6.47%, Sesa Goa up 5.51%, Tata Power up 5.29%, DLF up 4.84% and IDFC up 4.81%. On the flip side, Maruti Suzuki down 3.79%, Jindal Steel down 1.70%, Sun Pharma down 1.30%, Cipla down 0.98% and Siemens down 0.70% were the top losers on the index.
The European markets were trading in green. France's CAC 40 gained 0.71%, Britain's FTSE up by 0.93%, and Germany's DAX advanced by 0.33%.
Most of the Asian
equity indices finished its day's trade in the positive terrain on
Monday after France and Germany announced an agreement to support the
euro zone's beleaguered banks while, better-than-expected US employment
data too supported the sentiments. However, the gains remained limited
as investors remained cautious after ratings agency Fitch SA lowered
local and foreign long term debt rating for Spain and Italy last week.
Italian credit rating was lowered to A+ from AA- and Spain's rating was
cut to AA- from AA+. Straits Times remained the top gainer among the
Asian peers, up by over a percentage point while, Chinese benchmark
Shanghai composite closed at its lowest since March 2009 on Monday,
dragged by property issues after local media reported a drop in property
sales volumes. However, Stock markets in Japan remained closed for the
trade today on account of the Health and Sports Day holiday while
bourses in Taiwan too remained shut in observance of the Double Ten
National Day holiday.
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