Domestic indices trade with solid gains in late morning deals

Domestic equity indices maintained their gains in late morning deals as market participants indulged in enlarging their positions. Sensex gained around 1300 points while Nifty surged over 400 points. There was broad based buying witnessed in the markets and apart from the blue chips, the broader markets also participated in the rally.  Positive cues from the global markets supported domestic sentiments.  Sentiments remained upbeat after the BJP-led NDA secured a massive victory in the assembly elections in Maharashtra. Meanwhile, a private report said the Israeli ambassador to the United States said Israel is potentially days away from a cease-fire deal with Lebanon’s Hezbollah. All the sectoral indices on the BSE were trading in green led by Oil & Gas, Capital Goods, PSU, Energy and Industrials. 

On the global front, Asian markets were trading mostly in green, with investors awaiting a slew of economic data this week including China industrial data. Back home, in the stock specific development, Prakash Industries climbed after the company announced that the Government of Chhattisgarh executed a mining lease in favour of the company.

The BSE Sensex is currently trading at 80412.31, up by 1295.20 points or 1.64% after trading in a range of 80056.35 and 80473.08. There were 28 stocks advancing against 2 stocks declining on the index.

The broader indices were trading in green; the BSE Mid cap index was up by 1.99%, while Small cap index up by 1.98%.

The top gaining sectoral indices on the BSE were Oil & Gas up by 4.02%, Capital Goods up by 3.76%, PSU up by 3.64%, Energy up by 3.51% and Industrials up by 3.46%, while there were no losers. 

The top gainers on the Sensex were Larsen & Toubro up by 4.09%, SBI up by 3.63%, Mahindra & Mahindra up by 2.92%, Adani Ports up by 2.88% and Reliance Industries up by 2.77%. On the flip side, JSW Steel down by 1.97% and Infosys down by 0.37% were the only losers.

Meanwhile, the Central Board of Direct Taxes (CBDT) has advised all taxpayers to carefully review their foreign income and assets and report them accurately in their Income Tax Returns (ITRs). Income Tax department in its special edition of ‘Samvad’ raised awareness on proper disclosure of foreign assets and income by taxpayers. The session aimed to raise awareness among taxpayers about the need to accurately report their foreign income and assets in their ITR.

Shashi Bhushan Shukla, Commissioner (Investigation), CBDT explained that all Indian residents are required to declare their foreign assets, which can include real estate, bank accounts, shares, debentures, insurance policies, or any other financial assets where they are the beneficial owner. He said that Income Tax Department has provided a detailed step-by-step guide in the ITR form, specifically in the Foreign Assets and Income schedule, where taxpayers can report their foreign income and assets. He emphasised that this rule applies specifically to resident taxpayers, as defined under Section 6 of the Income Tax Act.

Defining the resident taxpayers, Shukla clarified that a resident taxpayer is someone who has lived in India for at least 182 days during the previous year or who has stayed in India for 365 days during the previous four years. Taxpayers who do not meet these criteria are either considered non-residents or not ordinarily residents, and they are not required to declare foreign income and assets. He added that only resident taxpayers need to report their foreign income and assets in their ITR.

The CNX Nifty is currently trading at 24330.20, up by 422.95 points or 1.77% after trading in a range of 24212.25 and 24351.55. There were 48 stocks advancing against 2 stocks declining on the index.

The top gainers on Nifty were Bharat Electronics up by 6.09%, ONGC up by 5.76%, Shriram Finance up by 5.26%, BPCL up by 4.55% and Larsen & Toubro up by 4.08%. On the flip side, JSW Steel down by 2.00% and Infosys down by 0.41% were the only losers.

Asian markets were trading mostly in green; Jakarta Composite gained 107.83 points or 1.48% to 7,303.40, Straits Times rose 8.12 points or 0.22% to 3,754.14, KOSPI increased 34.22 points or 1.37% to 2,535.46, Nikkei 225 surged 602.95 points or 1.57% to 38,886.80 and Taiwan Weighted added 92.66 points or 0.4% to 22,996.98. However, Hang Seng declined 79.01 points or 0.41% to 19,150.96 and Shanghai Composite weakened 4.71 points or 0.14% to 3,262.48.