Bourses extend gains in late afternoon session

Indian equity markets added more points in late afternoon session. Traders took support as Direct tax collections have surged 182 per cent to over Rs 19.60 lakh crore in 2023-24 in the 10-year period of Prime Minister Narendra Modi-led government. The latest ‘Time Series Data’ released by the income tax department showed that the corporate tax collections more than doubled to over Rs 9.11 lakh crore in 10 years to 2023-24 fiscal. Personal income tax mop up grew close to four-fold to Rs 10.45 lakh crore during the period. On the global front, Asian markets were trading mostly in green as a slew of Chinese data backed calls for more stimulus. European markets were trading mostly in green after an ECB survey showed headline inflation in the euro zone will return to the central bank's 2 percent target sooner than earlier thought. The survey is an important input in the ECB's policy deliberations. 

The BSE Sensex is currently trading at 81362.36, up by 355.75 points or 0.44% after trading in a range of 80409.25 and 81391.15. There were 20 stocks advancing against 10 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index gained 0.28%, while Small cap index was down by 0.12%.

The top gaining sectoral indices on the BSE were Bankex up by 1.96%, Metal up by 1.66%, Basic Materials up by 0.98%, Telecom up by 0.83% and Utilities was up by 0.75%, while IT down by 1.51%, TECK down by 1.19%, FMCG down by 0.64%, Oil & Gas down by 0.30% and Energy was down by 0.17% were the losing indices on BSE.

The top gainers on the Sensex were Axis Bank up by 5.96%, ICICI Bank up by 2.43%, Tata Motors up by 2.11%, Tata Steel up by 1.87% and NTPC up by 1.69%. On the flip side, Infosys down by 4.49%, Asian Paints down by 1.44%, Nestle down by 1.35%, Hindustan Unilever down by 1.09% and ITC down by 0.75% were the top losers.

Meanwhile, Union Minister of State for Science and Technology (Independent Charge) Jitendra Singh has said that India will be transformed into a science and technology driven global biomanufacturing hub. The Union Minister also expressed need that the country should have a global vision about biochemical manufacturing and global strategies should be devised for this.

Minister further said that sustainability and e-waste management has been a strong tenet in all the initiatives of the central government, citing the example of a self-powered indoor air quality monitor that he had unveiled at Thiruvananthapuram International Airport.

Singh further added that fostering a culture of innovation and entrepreneurship through startups and incubators falls under the top priorities of the central government. He also mentioned that central government is promoting public private partnership, and urged CSIR-NIIST to follow the path. Minister also called upon the institute to bring forth new innovations that are useful for the non-scientific community as well.

The CNX Nifty is currently trading at 24872.05, up by 122.20 points or 0.49% after trading in a range of 24567.65 and 24885.85. There were 34 stocks advancing against 16 stocks declining on the index.

The top gainers on Nifty were Axis Bank up by 5.99%, Wipro up by 4.34%, Eicher Motors up by 3.16%, Shriram Finance up by 3.00% and ICICI Bank up by 2.53%. On the flip side, Infosys down by 4.44%, Britannia down by 1.68%, Asian Paints down by 1.40%, Nestle down by 1.37% and Hindustan Unilever down by 1.18% were the top losers.

Asian markets were trading mostly in green; Hang Seng advanced 725.01 points or 3.48% to 20,804.11, Taiwan Weighted added 433.43 points or 1.85% to 23,487.27, Shanghai Composite strengthened 92.18 points or 2.83% to 3,261.56, Nikkei 225 surged 70.56 points or 0.18% to 38,981.75, Straits Times rose 15.78 points or 0.44% to 3,641.03 and Jakarta Composite was up by 11.76 points or 0.15% to 7,746.80. On the flip side, KOSPI was down by 15.48 points or 0.6% to 2,593.82.

European markets were trading mostly in green; France’s CAC rose 35.44 points or 0.47% to 7,619.17 and Germany’s DAX was up by 47.74 points or 0.24% to 19,631.13. On the flip side, UK’s FTSE 100 was up by 16.91 points or 0.2% to 8,368.22.