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Indian equity benchmarks bounced back on Monday after a three-day fall and ended with gains of over half percent, largely helped by buying in FMCG, Auto and TECK counters despite weakness in global market. Key gauges made cautious start, as traders were concerned with data from Reserve Bank showed India Inc's investment in their overseas ventures dropped by 59 per cent on an annual basis to $1.03 billion in August this year. Some pessimism also came in as the country's foreign exchange reserves declined by $2.234 billion to stand at $550.871 billion for the week ended September 9.
Markets continued to trade in fine fettle in late afternoon deals, as traders took some solace with the Monthly Economic Report of the Department of Economic Affairs, Ministry of Finance stating that India retained its status as an attractive destination among a set of developed and developing economies, as the 5th largest recipient of FDI in the April-June quarter. According to the report released, during Q1 of 2022, India was the 5th largest recipient of FDI among the defined set of developed and developing economies, as a buoyant growth outlook coupled with steady improvement in ease of doing business and supportive government policies retained India as an attractive business destination.
Nifty futures opened at 17559.90 points against the previous close of 17566.15 and opened at a low of 17456.25 points. Nifty Future closed with an average movement of 233.75 points and a rise of around 73.85 points and 17640.00 points...!!
On the NSE, the midcap 100 index will rise 0.03% and smallcap 100 index is closing decline 0.94%. Speaking of various sectoral indices, Realty and Metal saw stocks were seen selling on the NSE, while all other sectoral indices closed higher.
At the start of intra-day trading, October gold opened at Rs.49257, fell from a high of Rs.49305 points to a low of Rs.49044 with a decline of 281 points, a trend of around Rs.49099 and December Silver opened at Rs.56864, fell from a high of Rs.56935 points to a low of Rs.56435, with a decline of 39 points, a trend of around Rs.56681.
Meanwhile, finance ministry has said that gross direct tax collections grew 30 per cent to Rs 8.36 lakh crore till September 17 of current fiscal year on higher advance tax mop-up buoyed by the economic revival post pandemic. After adjusting for refunds amounting to Rs 1.35 lakh crore, net direct tax kitty grew 23 per cent to Rs 7 lakh crore. Gross collection of direct taxes for 2022-23 stood at Rs 8,36,225 crore compared to Rs 6,42,287 crore in the year-ago period, registering a growth of 30 per cent. This includes revenue from Corporate Income Tax of Rs 4.36 lakh crore and Personal Income Tax (PIT) of Rs 3.98 lakh crore.
The ministry said direct tax collections continue to grow at a robust pace, a clear indicator of the revival of economic activity post pandemic, as also the result of the stable policies of the government, focusing on simplification and streamlining of processes and plugging of tax leakage through effective use of technology. For April-September, advance tax collection grew 17 per cent to Rs 2.95 lakh crore. This includes advance tax payout by corporate taxpayers of Rs 2.29 lakh crore. After adjusting for refunds, net direct tax collections rose 23 per cent to Rs 7,00,669 crore, compared to Rs 5,68,147 crore in the corresponding period of 2021-22.
Technically, the important key resistances are placed in Nifty future are at 17707 levels, which could offer for the market on the higher side. Sustainability above this zone would signal opens the door for a directional up move with immediate resistances seen at 17730 – 17770 levels. Immediate support is placed at 17606 – 17535 levels.
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