The euphoria at Dalal Street has emerged out to be
short-lived. As the early rally witnessed at the street post Italian
Prime Minister Silvio Berlusconi's said he would resign, raising hopes
the debt-ridden country would proceed with reforms that may help keep
the euro zone's sovereign debt crisis from spreading, has fizzled out.
Berlusconi is the second political casualty of the European debt crisis.
In Greece, a new interim government -that won't be led by the current
Prime Minister George Papandreou-was to be announced on Wednesday. New
leadership was needed for the passage of a controversial austerity plan
in Parliament that would entitle debt-riddled Greece to a Euro 130
billion ($179 billion) European rescue package. Meanwhile optimism of
the bourses at the dawn of the trade also came from China, with the
release Wednesday of data showing the country's stubbornly high
inflation fell in October as rapid rises in food costs eased. The
decline was seen positively by investors as it gives Beijing more room
to stimulate China's economy. China's annual inflation rate eased to
5.5% in October from 6.1% in September for a third straight month of
decline from July's three-year peak.
Overnight, on Wall Street, US stocks advanced on Tuesday as equity investors viewed the planned resignation of Italian Prime Minister Silvio Berlusconi as a step toward resolving the country's part in Europe's sovereign-debt crisis. Meanwhile, Asian shares too were riding high on two positive reports- Silvio Berlusconi's promise of resignation, Chinese Inflation data. However, the US future indices were showing a downtick in the screen trade.
Back home, some cautioness has also emerged into the equity markets after some media reports stating a fall in GDP growth to 7% flashed. However, the report by global financial services giant Deutsche Bank asserted that the long-term growth prospects of the Indian economy remained intact and an average growth rate of 8 per cent was expected in the next two years. On the BSE sectoral front, stocks from Bankex, Capital Goods and Realty counters languishing at the bottom are among the lot most responsible for lackadaisical momentum of the bourses. On the flip side, stocks from defensive-FMCG, Information technology and TECk counters playing safe are punning losses. Meanwhile, investor's also cashed in their profits on reports stating the slowdown in economic activities affecting the revenue collection of the government as indirect tax collections during October 2011 declined by 2.5% to Rs 30,278 crore compared to Rs 31,058 crore in October 2010.
The 30-share BSE index after sustaining tender gains of over 10 points is trading around its neutral line of 17560 levels. Meanwhile, the wide-based National Stock Exchange Nifty Index slipping into red with marginal losses too trading around its previous close levels. The broader indices too have surrendered substantial gains. The overall market breadth on BSE is still in the favour of advances which have thrashed declines in the ratio of 1169:1066, while 95 shares remained unchanged
The BSE Sensex is currently trading at 17,579.76, up by 10.23 points or 0.06%. The index has touched a high and low of 17,658.34 and 17,539.86 respectively. There were 14 stocks advancing against 16 declining one's on the index.
The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.09% and 0.17% respectively.
The top gaining sectoral indices on the BSE were, FMCG up by 0.69%, IT up by 0.54%, TECk up by 0.48%, CD up by 0.45% and Auto up by 0.23%. Meanwhile, Bankex down by 0.80%, CG down by 0.61%, Realty down by 0.50%, PSU down by 0.47% and HC down by 0.36% were the top losers on the index.
The top gainers on the Sensex were Hero MotoCorp up by 1.69%, HUL up by 1.66%, TCS up by 1.22%, Wipro up by 1.03% and Tata Motors up by 0.71%.
On the flip side, DLF down by 1.38%, Sun Pharma was down by 1.21%, HDFC Bank down by 1.11%, L&T down by 1.05% and Bajaj Auto down by 0.89% were the top losers on the Sensex.
Meanwhile, the slowdown in economic activities has affected the revenue collection of the government. The indirect tax collections during October 2011 declined by 2.5% to Rs 30,278 crore compared to Rs 31,058 crore in October 2010. As per the finance ministry official, during October 2011, collections from customs plunged by 11.6% to Rs 11,357 crore from Rs 12,849 crore in October 2010. The central excise collections also declined by 5.3% to Rs 10,527 crore in October 2011 from Rs 11,120 crore in same period of last year.
Earlier in June 2011, the government had slashed customs and central excise duties to give relief to common man from the hike in petrol prices. The slash meant an annual loss of Rs 49,000 crore to the government. It was reported that the decline in the total indirect tax collection in October would have been much sharper but for the 18.4% growth in realization from service tax. During October 2011, the service tax collection increased to Rs 8,394 crore to Rs 7,089 crore in October 20120. However, in the first seven months of the current financial year, indirect tax collection increased by 17.8% to 2.01 lakh crore from 1.70 lakh crore in April-October 2010. The surge in revenue collections was on the back of higher collections from customs, central excise and service tax which increased by 16.6%, 10.6% and 33.6%, respectively. In April-October 2011, custom collection was Rs 86,156 crore compared to Rs 76,895 crore in the corresponding period of last fiscal, central excise at Rs 69,511 crore from Rs 62,838 crore and service tax surged to Rs 45,391 crore from Rs 33,977 crore.
The top gainers of the Nifty were HUL up by 1.65%, Hero MotoCorp up by 1.55%, Reliance Infra up by 1.49%, TCS up by 1.13% and Reliance Power up by 1.07%.On the flip side, BPCL down by 2.17%, Ranbaxy down by 1.99%, GAIL India down by 1.67%, DLF down by 1.63% and L&T down by 1.22% were the major losers on the index.
Asian equity indices were trading mixed after a decent start; Hang Seng gained 1.58%, Jakarta Composite surged 1.13%, KLSE Composite gained 0.40% and Nikkei 225 was up by 0.91%.
On the flip side, Shanghai Composite lost 0.48%, Straits Times lost 0.01%, Seoul Composite was down 4by 0.02% and Taiwan Weighted slipped 0.33%.
Overnight, on Wall Street, US stocks advanced on Tuesday as equity investors viewed the planned resignation of Italian Prime Minister Silvio Berlusconi as a step toward resolving the country's part in Europe's sovereign-debt crisis. Meanwhile, Asian shares too were riding high on two positive reports- Silvio Berlusconi's promise of resignation, Chinese Inflation data. However, the US future indices were showing a downtick in the screen trade.
Back home, some cautioness has also emerged into the equity markets after some media reports stating a fall in GDP growth to 7% flashed. However, the report by global financial services giant Deutsche Bank asserted that the long-term growth prospects of the Indian economy remained intact and an average growth rate of 8 per cent was expected in the next two years. On the BSE sectoral front, stocks from Bankex, Capital Goods and Realty counters languishing at the bottom are among the lot most responsible for lackadaisical momentum of the bourses. On the flip side, stocks from defensive-FMCG, Information technology and TECk counters playing safe are punning losses. Meanwhile, investor's also cashed in their profits on reports stating the slowdown in economic activities affecting the revenue collection of the government as indirect tax collections during October 2011 declined by 2.5% to Rs 30,278 crore compared to Rs 31,058 crore in October 2010.
The 30-share BSE index after sustaining tender gains of over 10 points is trading around its neutral line of 17560 levels. Meanwhile, the wide-based National Stock Exchange Nifty Index slipping into red with marginal losses too trading around its previous close levels. The broader indices too have surrendered substantial gains. The overall market breadth on BSE is still in the favour of advances which have thrashed declines in the ratio of 1169:1066, while 95 shares remained unchanged
The BSE Sensex is currently trading at 17,579.76, up by 10.23 points or 0.06%. The index has touched a high and low of 17,658.34 and 17,539.86 respectively. There were 14 stocks advancing against 16 declining one's on the index.
The broader indices were outperforming benchmarks; the BSE Mid cap and Small cap indices rose 0.09% and 0.17% respectively.
The top gaining sectoral indices on the BSE were, FMCG up by 0.69%, IT up by 0.54%, TECk up by 0.48%, CD up by 0.45% and Auto up by 0.23%. Meanwhile, Bankex down by 0.80%, CG down by 0.61%, Realty down by 0.50%, PSU down by 0.47% and HC down by 0.36% were the top losers on the index.
The top gainers on the Sensex were Hero MotoCorp up by 1.69%, HUL up by 1.66%, TCS up by 1.22%, Wipro up by 1.03% and Tata Motors up by 0.71%.
On the flip side, DLF down by 1.38%, Sun Pharma was down by 1.21%, HDFC Bank down by 1.11%, L&T down by 1.05% and Bajaj Auto down by 0.89% were the top losers on the Sensex.
Meanwhile, the slowdown in economic activities has affected the revenue collection of the government. The indirect tax collections during October 2011 declined by 2.5% to Rs 30,278 crore compared to Rs 31,058 crore in October 2010. As per the finance ministry official, during October 2011, collections from customs plunged by 11.6% to Rs 11,357 crore from Rs 12,849 crore in October 2010. The central excise collections also declined by 5.3% to Rs 10,527 crore in October 2011 from Rs 11,120 crore in same period of last year.
Earlier in June 2011, the government had slashed customs and central excise duties to give relief to common man from the hike in petrol prices. The slash meant an annual loss of Rs 49,000 crore to the government. It was reported that the decline in the total indirect tax collection in October would have been much sharper but for the 18.4% growth in realization from service tax. During October 2011, the service tax collection increased to Rs 8,394 crore to Rs 7,089 crore in October 20120. However, in the first seven months of the current financial year, indirect tax collection increased by 17.8% to 2.01 lakh crore from 1.70 lakh crore in April-October 2010. The surge in revenue collections was on the back of higher collections from customs, central excise and service tax which increased by 16.6%, 10.6% and 33.6%, respectively. In April-October 2011, custom collection was Rs 86,156 crore compared to Rs 76,895 crore in the corresponding period of last fiscal, central excise at Rs 69,511 crore from Rs 62,838 crore and service tax surged to Rs 45,391 crore from Rs 33,977 crore.
The
government is aiming an 18% y-o-y increase in indirect tax collection
at Rs 3.98 lakh core for 2011-12. However, experts are of the view that
in the remaining months of current financial year, indirect tax
collections may experience decline because of the slowdown in industrial
activities and the government's decision of reducing duties on
petroleum products to partly offset the impact of increase in price on
consumers.
The S&P CNX Nifty has slipped lower by 8.35
points or 0.16% at 5,281.00. The index has touched a high and low of
5,317.50 and 5,274.00 respectively. There were 18 stocks advancing
against 32 declines on the index. The top gainers of the Nifty were HUL up by 1.65%, Hero MotoCorp up by 1.55%, Reliance Infra up by 1.49%, TCS up by 1.13% and Reliance Power up by 1.07%.On the flip side, BPCL down by 2.17%, Ranbaxy down by 1.99%, GAIL India down by 1.67%, DLF down by 1.63% and L&T down by 1.22% were the major losers on the index.
Asian equity indices were trading mixed after a decent start; Hang Seng gained 1.58%, Jakarta Composite surged 1.13%, KLSE Composite gained 0.40% and Nikkei 225 was up by 0.91%.
On the flip side, Shanghai Composite lost 0.48%, Straits Times lost 0.01%, Seoul Composite was down 4by 0.02% and Taiwan Weighted slipped 0.33%.
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