Sensex spurts 600 pts; Nifty above 17,500

The domestic equities extended gains in morning trade, supported by auto, IT and bank stocks. At 10:30 IST, the barometer index, the S&P BSE Sensex, jumped 581.44 points or 1% at 58,835.26. The Nifty 50 index surged 164.65 points or 0.95% at 17,518.70.

In the broader market, the S&P BSE Mid-Cap index rose 0.78% while the S&P BSE Small-Cap index gained 1.08%.

The market breadth was strong. On the BSE, 2,597 shares rose and 733 shares fell. A total of 123 shares were unchanged.

Foreign portfolio investors (FPIs) bought shares worth Rs 575.39 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,165.62 crore in the Indian equity market on 31 December 2021, provisional data showed.

Economy:

The central government`s fiscal deficit at the end of November 2021 narrowed down to Rs 6.96 lakh crore ($93.7 billion) or 46.2% of the annual budget target for the FY2021-22 as a result of an improvement in the revenue collection, according to official data released on Friday, 31 December 2021. The deficit figures in the current financial year till November 2021 were better than the previous financial year when it had soared to 135.1% of the estimates mainly on account of a jump in expenditure to deal with the COVID-19 pandemic.

In April-November, net tax receipts were at Rs 11.35 trillion while the total expenditure stood at Rs 20.75 trillion, the data showed.

In actual terms, the deficit stood at Rs 6,95,614 crore at the end of November 2021 against the annual estimate of Rs 15.06 lakh crore, according to data released by the Controller General of Accounts (CGA). For the current financial year, the government expects the deficit at 6.8% of GDP or Rs 15,06,812 crore.

As per RBI`s official press release, India`s forex reserves decreased by $587 million to $635.08 billion for the week ended 24 December 2021. In the previous week ended 17 December 2021, the overall reserves had decreased by $160 million to $635.667 billion.

GST Collection for December 2021:

The GST revenue collected in December 2021 was Rs 1,29,780 crore, or 13% higher than the same month last year, the Finance Ministry said on Saturday, 1 January 2022. Though the collection was lower than Rs 1.31 lakh crore mopped up in November 2021, the December month was the sixth month in a row when revenue from goods sold and services rendered stood at over Rs 1 lakh crore.

The gross GST revenue collected in the month of December 2021 stood over Rs 1.29 lakh crore, of which CGST was Rs 22,578 crore, SGST was Rs 28,658 crore, IGST was Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess was Rs 9,389 crore (including Rs 614 crore collected on import of goods).

Buzzing Index:

The Nifty Auto index rose 1.11% to 11,057.90. The index added 2.81% in two trading sessions.

Tube Investments of India (up 4.12%), Eicher Motors (up 1.35%), Ashok Leyland (up 1.27%), Tata Motors (up 1.22%) and Bharat Forge (up 1.16%) were the top gainers in the Auto segment.

Maruti Suzuki India rose 1.14%. Maruti Suzuki India recorded total sales of 1,53,149 units in December 2021, down 4% as against 1,60,226 units sold in December 2020. On a sequential basis, however, the company`s total sales have improved by 10%. The auto maker had sold 1,39,184 units in November 2021. While domestic sales fell by 13% to 1,30,869 units, exports jumped more than twofold to 22,280 units in December 2021 over December 2020.

Tata Motors gained 1.22%. The automobile manufacturer said that its sales in the domestic & international market in Q3 FY22 stood at 1,99,633 vehicles, up 26% as against 1,58,218 units in Q3 FY21. The company sold 66,307 vehicles (up 24% Y-o-Y) in the domestic market in the month of December 2021. Total domestic sales were 1,89,531 units in Q3 FY22, up by 26% from 1,50,961 units sold in Q3 FY21.

Mahindra & Mahindra (M&M) lost 0.27%. M&M`s overall auto sales for the month of December 2021 stood at 39,157 vehicles, up by 11% from 35,187 vehicles sold in December 2020. The passenger vehicles segment (which includes UVs, Cars and Vans) sold 17,722 vehicles in December 2021. In the commercial vehicles segment, Mahindra sold 15,938 vehicles in December 2021 with growth of 14%. The exports for the month of December 2021 were at 3,017 vehicles.

Hero MotoCorp added 0.64%. The two-wheel manufacturer sold a total of 3,94,773 units of motorcycles and scooters in December 2021, which is lower by 12% as compared with 4,47,335 units sold in December 2020. However, the company`s total motorcycle and scooter sales have risen by 13% over the month of November 2021 when it had sold 3,49,393 units. While domestic sales fell by 12% to 3,74,485 units, exports declined by 9% to 20,288 units in December 2021 over December 2020. The company said that it continues to monitor the on-ground situation, although localized restrictions imposed by certain states in the wake of rising Omicron cases will continue to restrict the customer movement.

Eicher Motors rose 1.35%. Eicher Motors` subsidiary, VE Commercial Vehicles (VECV) sold 6,154 units of commercial vehicles in December 2021, registering a growth of 25.8% on a year-on-year (Y-o-Y) basis from 4,892 units in December 2020. VECV, the unlisted subsidiary of Eicher Motors, had sold 4,085 units of commercial vehicles in November 2021.

Escorts slipped 0.07%. The company said that its Escorts Agri Machinery (EAM) in December 2021 sold 4,695 tractors as against 7,733 tractors sold in December 2020, a drop of 39.3% year-on-year (Y-o-Y). On a sequential basis, Escorts recorded a 34.02% decline in total tractor sales in December 2021 from 7,116 units sold in November 2021. The company`s domestic tractor sales in December 2021 stood at 4,080 units as against 7,230 units in December 2020, registering a decline of 43.57% Y-o-Y.

SML Isuzu soared 9.91%. SML Isuzu`s total sales grew 38% to 701 units in December 2021 as compared with 509 units sold in December 2020. Sequentially, the company`s total sales surged 33.67% in December 2021 from 2,723 units sold in November 2021.

VST Tillers & Tractor rallied 4.20%. VST Tillers & Tractors` total sales jumped 28.53% to 3,640 units in December 2021 from 2,832 units sold in December 2020. On a sequential basis, total sales jumped 16.25% from 603 units sold in November 2021.

TVS Motor Company fell 0.42%. TVS Motor Company said that it had registered sales of 2,50,933 units in December 2021, which is lower by 8% as compared with sales of 2,72,084 units in the month of December 2020. While the total two-wheeler sales fell by 9% to 2,35,392 units, three-wheeler sales rose by 12% to 15,541 units in December 2021 over December 2020.

Ashok Leyland advanced 1.27%. The company`s sequential sales grew 19.4% to 12,518 units in December 2021 from 10,480 units sold in November 2021. Meanwhile, total commercial vehicle (CV) sales fell 2% year on year in December 2021 from 12,760 units sold in December 2020. While the total sales of medium & heavy commercial vehicles (M&HCV) rose 11% to 7,619 units, sales of light commercial vehicles (LCVs) declined 17% to 4,899 units in December 2021 over December 2020.

Bajaj Auto added 0.62%. The company`s total auto sales in December 2021 stood at 362,470 units, down by 3% from 3,72,532 units sold in December 2020. On a sequential basis, the total auto sales declined by 4.4% as compared with 379,276 units sold in November 2021. The company`s total domestic sales rose 5% to 1,45,979 units while export sales fell 7% to 2,16,491 units in December 2021 as compared with the same period last year.

Steel Strips Wheels (SSWL) skid 1.02%. The firm said that it had achieved net turnover of Rs 234.54 crore in December 2021 as against Rs 187.59 crore in December 2020, recording a growth of 25.03% Y-o-Y. The company`s gross turnover increased by 24.43% to Rs 285.19 crore in December 2021 from Rs 229.19 crore in December 2020.

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