Markets trade with hefty losses in late afternoon session

The domestic indices continued to sag under weakness in late afternoon session following weak cues from European markets. Traders overlooked the Data released by the Central Board of Direct Taxes (CBDT) has showed net direct tax collection grew 16.45 per cent year-on-year to over Rs 15.82 lakh crore till December 17 this fiscal, buoyed by higher advance tax mop-up. Advance tax collection during the period rose 21 per cent to Rs 7.56 lakh crore. Sector wise, tourism and hospitality sector remained in focused as joint report by the Confederation of Indian Industry (CII) and EY has said that the country’s tourism and hospitality sector is projected to require an additional 61.31 lakh workers to cater to an increasing tourism activities by 2036-37.

On the global front, all Asian markets were trading lower after the U.S. Federal Reserve warned it would be cautious about more interest cuts in the face of inflation concerns. European markets were trading lower after the Federal Reserve signalled a slower pace of interest rate cuts next year, citing inflation risks.

The BSE Sensex is currently trading at 79212.15, down by 970.05 points or 1.21% after trading in a range of 79020.08 and 79516.17. There were 3 stocks advancing against 27 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index declined 0.46%, while Small cap index was down by 0.51%.

The only gaining sectoral index on the BSE was Healthcare up by 0.86%, while Realty down by 1.38%, Metal down by 1.23%, IT down by 1.23%, Bankex down by 1.19% and Basic Materials was down by 1.13% were the top losing indices on BSE.

The few gainers on the Sensex were Sun Pharma up by 0.67%, Power Grid up by 0.23% and Hindustan Unilever up by 0.20%. On the flip side, Bajaj Finserv down by 2.80%, JSW Steel down by 2.58%, Asian Paints down by 2.50%, Bajaj Finance down by 2.28% and ICICI Bank down by 1.99% were the top losers.

Meanwhile, data released by the Central Board of Direct Taxes (CBDT) has showed net direct tax collection grew 16.45 per cent year-on-year to over Rs 15.82 lakh crore till December 17 this fiscal, buoyed by higher advance tax mop-up. Advance tax collection during the period rose 21 per cent to Rs 7.56 lakh crore.

The collection includes corporate tax of over Rs 7.42 lakh crore and non-corporate tax mop-up of Rs 7.97 lakh crore. Securities Transaction Tax (STT) of Rs 40,114 crore was collected between April 1-December 17 of current fiscal year. 

Refunds worth Rs 3.39 lakh crore were issued during the period, registering a growth of 42.49 per cent year-on-year. Gross direct tax collection, which includes corporate, personal income tax and STT stood at over Rs 19.21 lakh crore, a 20.32 per cent growth over the collection in April 1-December 17, 2023. 

The CNX Nifty is currently trading at 23941.70, down by 257.15 points or 1.06% after trading in a range of 23870.30 and 24004.90. There were 14 stocks advancing against 36 stocks declining on the index.

The top gainers on Nifty were Dr. Reddy's Lab up by 4.05%, Cipla up by 2.42%, BPCL up by 2.36%, Sun Pharma up by 0.84% and Apollo Hospital up by 0.75%. On the flip side, Bajaj Finserv down by 2.80%, JSW Steel down by 2.62%, Asian Paints down by 2.58%, Grasim Industries down by 2.52% and Bajaj Finance down by 2.23% were the top losers.

All Asian markets were trading lower; Nikkei 225 slipped 268.13 points or 0.69% to 38,813.58, Taiwan Weighted lost 236.42 points or 1.03% to 22,932.25, Jakarta Composite plunged 135.44 points or 1.91% to 6,972.44, Hang Seng declined 112.04 points or 0.57% to 19,752.51, KOSPI dropped 48.50 points or 1.99% to 2,435.93, Straits Times fell 16.93 points or 0.45% to 3,762.69 and Shanghai Composite was down by 12.18 points or 0.36% to 3,370.03.

European markets were trading lower; UK’s FTSE 100 decreased 81.99 points or 1.01% to 8,117.12, France’s CAC fell 59.12 points or 0.81% to 7,325.50 and Germany’s DAX was down by 142.15 points or 0.71% to 20,100.42.