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Domestic Equity Markets logs decent gains; Sensex rises 661 points & Nifty 50 ends above 14,500
Domestic Benchmarks declined; Sensex losses 202 points & Nifty closes at 14,341
Key equity indices ended with strong gains on Tuesday, April 13, 2021, recovering from yesterday's steep selloff.
Key equity indices ended with strong gains on Tuesday, April 13, 2021, recovering from yesterday's steep selloff. The S&P BSE Sensex rose 660.68 points or 1.38 per cent at 48,544.06. The Nifty 50 index gained 194 points or 1.36 per cent to close at 14,504.80. The Nifty Bank went up 979.60 points or 3.18 per cent to settle at 31,771.60.
Mood in the broader market too remained upbeat. The S&P BSE MidCap index gained 1.46 per cent while BSE SmallCap rose 1.21 per cent.
Buyers outpaced sellers. On the BSE, 1,809 shares rose and 987 shares fell. On the Nifty 50 index, 38 shares advanced and 12 shares declined. The top five losers on Nifty 50 were Mahindra & Mahindra (up 7.78 per cent), Bajaj Finserv (up 6.58 per cent), Tata Motors (up 5.39 per cent), Bajaj Finance (up 4.85 per cent) and Maruti Suzuki (up 4.67 per cent). The top five losers on the index were Dr Reddy's Laboratories (down 3.95 per cent), TCS (down 3.90 per cent), Tech Mahindra (down 3.35 per cent), Wipro (down 2.51 per cent) and HCL Technologies (down 2.09 per cent).
Domestic equity markets will remain shut on Wednesday on account of Dr Babasaheb Ambedkar Jayanti.
Skymet Weather has predicted Monsoon rains at 103% of the Long Period Average rains for India, ranging between "normal and above normal", with a model error of 5%. This is the third year in succession that India may see "above normal" rains during the season.
COVID-19 Update
Total Covid-19 confirmed cases worldwide were at 13,66,76,442 with 29,46,124 deaths. Total 1,61,736 new Covid-19 cases have been reported on Tuesday, pushing India's tally of cases to 1,36,89,453, data showed. With 879 fatalities in the last 24 hours, the death toll increased to 1,71,058. The number of active cases continued to increase for the 34th day in a row to touch 12,64,698 and account for 9.24 per cent of the total infections.
India's Indirect Tax Collections
India's indirect tax collection rose in the fiscal ended March 2021. Provisional figures for indirect tax collections (GST & non-GST) for FY21 show that net revenue collections are at Rs 10.71 lakh crore compared with 9.54 lakh crore for the financial year 2019-20, thereby registering a growth of 12.3 per cent.
Net Indirect Tax Collection for the Financial Year 2020-21 shows that 108.2 per cent of the Revised Estimates (RE) of indirect taxes for Financial Year 2020-21 has been achieved.
As regards customs, net tax collections stood at Rs 1.32 lakh crore during Financial Year 2020-21 as compared to Rs 1.09 lakh crore during the previous Financial Year, thereby registering a growth of around 21 per cent.
Inflation in the US
Fed Chairman Jerome Powell on Sunday reiterated that the Fed wants to see inflation rise above its 2 per cent for an extended period before officials move to raise interest rates. He added that amid an accelerated COVID-19 vaccine rollout and strong fiscal support, the US economy appears to be at a turning point.
