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Benchmarks trade with marginal losses in early deals
Indian equity benchmarks are trading marginally in red in early deals on Tuesday after US President Donald Trump said he intends to end India’s preferential trade treatment under the Generalized System of Preferences program (GSP) that allows $5.6 billion worth of Indian exports to enter the United States duty-free. Traders remain concerned with the Finance Ministry’s statement that Goods and Services Tax (GST) collections in February dropped to Rs 97,247 crore from Rs 1.02 lakh crore in the previous month. The government has lowered the GST collection target for current fiscal to Rs 11.47 lakh crore in the revised estimates, from Rs 13.71 lakh crore budgeted initially. However, losses remain capped as traders took some solace with Economic Affairs Secretary Subhash Chandra Garg stating that spurt in PMI indicates strong inflow of new orders and strengthening of manufacturing sector growth.
Global cues too remained sluggish with most of the Asian counters are trading in red at this point of time after China cut its economic growth target and pledged measures to support the economy amid growing challenges from rising debt and a dispute over trade and technology with the US. The US markets ended in red on Monday, following weak US construction data and investors awaited more details on an expected US-China trade deal.
Back home, market participants remained on sidelines ahead of the Nikkei India Services PMI for February 2019 will be released later in the day. Services PMI dipped to a three-month low of 52.2 in January 2019 from 53.2 in December 2018. On the sectoral front, stocks related to NBFC sector remained in focus with Crisil’s report that the RBI's move to align risk weights of banks' exposure to non-banking finance companies (NBFCs) with their respective credit ratings will help banks to create a lending headroom of Rs 1.4 lakh crore.
The BSE Sensex is currently trading at 36020.19, down by 43.62 points or 0.12% after trading in a range of 35926.94 and 36141.07. There were 17 stocks advancing against 14 stocks declining on the index.
The broader indices were trading in green; the BSE Mid-cap index gained 0.77%, while Smallcap index was up by 1.18%.
The top gaining sectoral indices on the BSE were Metal up by 1.23%, Basic Materials up by 1.18%, Power up by 1.11%, Utilities up by 0.95% and PSU was up by 0.86%, while IT down by 0.58%, TECK down by 0.57%, Capital Goods down by 0.16% and Energy was down by 0.05% were the few losing indices on BSE.
The top gainers on the Sensex were Tata Motors up by 2.14%, Tata Motors - DVR up by 1.83%, Tata Steel up by 1.26%, NTPC up by 1.08% and Hero MotoCorp up by 1.02%. On the flip side, Larsen & Toubro down by 1.04%, Infosys down by 0.69%, Mahindra & Mahindra down by 0.67%, Bharti Airtel down by 0.57% and Reliance Industries down by 0.51% were the top losers.
Meanwhile, the Finance Ministry has stated that Goods and Services Tax (GST) collections slipped below Rs 1 lakh crore mark to Rs 97,247 crore in the month of February from Rs 1.02 lakh crore in the previous month. The number of sales return or GSTR-3B filed for the month of January up to February 28, 2019 is 73.48 lakh. For the current fiscal year, GST collections till February touched to Rs 10.70 lakh crore.
The Ministry said the total gross GST revenue collected in February 2019 is Rs 97,247 crore of which Central GST (CGST) is Rs 17,626 crore, State GST (SGST) is Rs 24,192 crore, Integrated GST (IGST) is Rs 46,953 crore and Cess is Rs 8,476 crore.
For the current financial year, the Centre has lowered the GST collection target to Rs 11.47 lakh crore in the revised estimates, from Rs 13.71 lakh crore budgeted initially. For the next fiscal 2019-20, the government has pegged GST collection target at Rs 13.71 lakh crore.
The CNX Nifty is currently trading at 10846.80, down by 16.70 points or 0.15% after trading in a range of 10817.00 and 10864.85. There were 26 stocks advancing against 24 stocks declining on the index.
The top gainers on Nifty were Indiabulls Housing up by 2.65%, Tata Motors up by 2.30%, HPCL up by 1.74%, JSW Steel up by 1.74% and BPCL up by 1.43%. On the flip side, Wipro down by 1.85%, Tech Mahindra down by 1.78%, Eicher Motors down by 1.45%, Dr. Reddys Lab down by 1.17% and Larsen & Toubro down by 1.04% were the top losers.
Asian markets are trading mostly in red; Nikkei 225 decreased 100.52 points or 0.46% to 21,721.52, Straits Times shed 10.27 points or 0.32% to 3,240.81, Hang Seng slipped 8.82 points or 0.03% to 28,950.77, Taiwan Weighted dropped 29.26 points or 0.28% to 10,320.62, KOSPI declined 12.58 points or 0.57% to 2,178.08 and Jakarta Composite was down by 60.87 points or 0.94% to 6,427.55. On the flip side, Shanghai Composite was up by 3.42 points or 0.11% to 3,031.00.
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