NIFTY SLIDES BELOW 22,500; BROADER MARKET UNDERPERFORMS

The key equity indices reversed all early gains and traded with moderate losses in morning trade. The Nifty slipped below the 23,500 level after hitting day�s day high of 23,630.85 in early trade. Realty shares witnessed profit booking after advancing in the past three consecutive trading sessions.

At 10:30 IST, the barometer index, the S&P BSE Sensex was down 197.93 points or 0.26% to 77,103.21. The Nifty 50 index lost 99.10 points or 0.42% to 23,458.80.

The Sensex and Nifty clocked an all-time high of 77,581.46 and 23,630.85 respectively in early trade.

The broader market underperformed the headline indices, the S&P BSE Mid-Cap index fell 1.29% and the S&P BSE Small-Cap index declined 1.14%.

The S&P BSE Mid-Cap and S&P BSE Small-Cap index hit an all-time high at 46,442.90 and 51,968.25 respectively.

The market breadth was negative. On the BSE, 1,338 shares rose and 2,250 shares fell. A total of 136 shares were unchanged.

Economy:

The provisional figures of Direct Tax collections for the Financial Year 2024-25 (as on 17.06.2024) show that Net collections are at Rs 4,62,664 crore, compared to Rs 3,82,414 crore in the corresponding period of the preceding Financial Year (i.e. FY 2023-24), representing an increase of 20.99%, data from Ministry of Finance showed.

The provisional figures of Gross collection of Direct Taxes (before adjusting for refunds) for the Financial Year 2024-25 stand at Rs 5,15,986 crore compared to Rs 4,22,295 crore in the corresponding period of the preceding financial year, showing a growth of 22.19% over the collections of FY 2023-24.

Provisional figures of total Advance Tax collections for Financial Year 2024-25 (as on 17.06.2024) stand at Rs 1,48,823 crore, against Advance Tax collections of Rs 1,16,875 crore for the corresponding period of the immediately preceding Financial Year (i.e. FY 2023-24), showing a growth of 27.34%. The Advance Tax collection of Rs 1,48,823 crore comprises Corporation Tax (CIT) at Rs 1,14,353 crore and Personal Income Tax (PIT) at Rs 34,470 crore.

Buzzing Index:

The Nifty Realty index fell 2.87% to 1,117.30. The index jumped 5.01% in past three consecutive trading sessions.

Phoenix Mills (down 4.72%), Sobha (down 4.18%), Macrotech Developers (down 3.69%), Prestige Estates Projects (down 3.31%), Oberoi Realty (down 2.28%), Brigade Enterprises (down 1.86%), DLF (down 1.68%), Godrej Properties (down 1.65%) and Swan Energy (down 1.55%) declined.

Stocks in Spotlight:

Venus Remedies advanced 1.44% after the company announced it has been awarded a tender by the VVHO-backed Pan American Health Organisation for supplying essential cancer drugs to multiple Latin American countries.

Ami Organics jumped 8.41% after its board approved the opening of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,228.71 per share.

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