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Indices drift higher in early trade; breadth strong

Published on Mar 20, 2024 09:33

The key equity indices traded with decent gains in early trade. The Nifty traded above the 21,850 mark. Auto, realty and PSU bank stocks advanced while metal, pharma and media shares declined.

At 09:27 IST, the barometer index, the S&P BSE Sensex, was up 213.61 points or 0.30% to 72,227.74. The Nifty 50 index added 60.90 points or 0.28% to 21,878.35.

In the broader market, the S&P BSE Mid-Cap index gained 0.55% and the S&P BSE Small-Cap index rose 0.44%.

The market breadth was strong. On the BSE, 1,904 shares rose and 794 shares fell. A total of 109 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 1,421.48 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 7,449.48 crore in the Indian equity market on 19 March, provisional data showed.


The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2023-24 stand at Rs 22,27,067 crore compared to Rs 18,75,535 crore in the corresponding period of the preceding financial year, showing a growth of 18.74% over the collections of FY 2022-23.

The Gross collection of Rs 22,27,067 crore includes Corporation Tax (CIT) at Rs 10,98,183 crore and Personal Income Tax (PIT) including Securities Transaction Tax (STT) at Rs 11,25,228 crore. Minor head wise collection comprises Advance Tax of Rs 9,11,534 crore; Tax Deducted at Source of Rs 10,44,511 crore; Self-Assessment Tax of Rs. 1,73,296 crore; Regular Assessment Tax of Rs 73,548 crore; and Tax under other minor heads of Rs 24,177 crore.

Stocks in Spotlight:

Tata Consultancy Services (TCS) rose 0.58%. TCS announced that Central Bank, a leading Midwest regional bank, will use TCS BaNCS to update its core technology infrastructure, drive innovation, and strengthen customer relationships. Central Bank�s strategic partnership with TCS aims to create frictionless and flexible customer onboarding processes, enabling continued growth for the bank.

Aurobindo Pharma gained 1.99% after Pharma company announced that it has received final approval from the US Food & Drug Administration (USFDA) to manufacture and market Mometasone Furoate Monohydrate Nasal Spray, 50 mcg/spray, which is bioequivalent and therapeutically equivalent to the reference listed drug (RLD), Nasonex Nasal Spray, 50 mcg/spray of Organon LLC.

Yes Bank added 1.39% after the Bank has concluded the transfer of exposure of the bank in Katerra India Private to Prudent ARC, an asset reconstruction company, and has received cash consideration of Rs 203.40 crore in relation to the same.

Numbers to Track:

The yield on India`s 10-year benchmark federal paper advanced 0.10% to 7.102 as compared with previous close 7.087.

In the foreign exchange market, the rupee remains unchanged against the dollar. The partially convertible rupee was hovering at 83.0300, compared with its close of 83.0300 during the previous trading session.

MCX Gold futures for 5 April 2024 settlement was down 0.01% to Rs 65,576.

The US Dollar index (DXY), which tracks the greenback`s value against a basket of currencies rose 0.24% to 103.84.

The United States 10-year bond yield shed 0.08% to 4.293.

In the commodities market, Brent crude for May 2024 settlement lost 17 cents or 0.19% to $87.21 a barrel.

Global Markets:

Asian stocks advanced on Wednesday after US equities rose overnight and bonds also rallied as traders brace for the latest monetary policy decision from the Federal Reserve. Japanese markets are closed for a holiday.

Wall Street`s three major indexes closed higher on Tuesday after shares in hotshot chipmaker Nvidia shook off early losses and investors looked ahead to the Federal Reserve`s policy meeting conclusion on Wednesday for clues on interest rate policy.

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