Key equity indices firmed up further and hit the day's high in mid-afternoon trade. The market rebounded after yesterday's rout. At 13:20 IST, the barometer index, the S&P BSE Sensex, added 482.98 points or 1.01% at 48,366.87. The Nifty 50 index added 142.45 points or 1% at 14,453.90.
The broader market outperformed the benchmark indices. The S&P BSE Mid-Cap index rose 1.35% while the S&P BSE Small-Cap index gained 1.13%.
Buyers outpaced sellers. On the BSE, 1,809 shares rose and 987 shares fell. A total of 173 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,746.43 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 232.76 crore in the Indian equity market on 12 April 2021, provisional data showed.
Monsoon Update:
Private forecaster 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. The last time it happened was in 1996, 1997, and 1998, Skymet said.
Economy:
India's indirect tax collection rose in the fiscal ended March 2021. The provisional figures for indirect tax collections (GST & non-GST) for the financial year 2020-21 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%.
Net tax collections on account of GST of centre (CGST+IGST+ Compensation Cess) during financial year 2020-21 is Rs 5.48 lakh crore, lower than Rs 5.99 lakh crore in the previous financial year.
The GST collections were severely affected in the first half of the financial year on account of Covid. However, in the second half, the GST collections registered a good growth and collections exceeded Rs 1 lakh crore in each of the last six months. March saw an all-time high of GST collection at Rs 1.24 lakh crore after very good figures in the month of January and February. Several measures taken by the Central Government helped in improving compliance in GST.
Net tax collections on account of Central Excise and Service Tax (Arrears) during financial year 2020-21 stood at Rs 3.91 lakh crore as compared to Rs 2.45 lakh crore in the previous financial year, thereby registering a growth of more than 59%.
Meanwhile, the Index of Industrial Production (IIP) showed that industrial output in India once again shrinked in February, going down by 3.6%. IIP had contracted by an updated 0.9% in January after rising by 1.6% in December.
The all-India general CPI inflation rose to 5.52% in March 2021, compared with 5.03% in February 2021. The corresponding provisional inflation rate for rural area was 4.61% and urban area 6.52% in March 2021 as against 4.19% and 5.96% in February 2021.
Buzzing Index:
The Nifty Bank index jumped 2.73% to 31,633.45, snapping its three days losing streak. The dropped 6.67% in the past three days.
Federal Bank (up 6.46%), IDFC First Bank (up 5.44%), ICICI Bank (up 3.8%), Axis Bank (up 3.71%), IndusInd Bank (up 3.7%), SBI (up 3.25%), RBL Bank (up 3%), PNB (up 2.65%) and Kotak Mahindra Bank (Up 1.76%) were top gainers in Bank Nifty.
Numbers to Track:
MCX Gold futures for 4 June 2021 settlement rose 0.31% to Rs 46,563
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, rose 0.01% to 92.160.
In the commodities market, Brent crude for June 2021 settlement rose 20 cents to $63.48 a barrel. The contract rose 0.52% to settle at $63.28 in the previous trading session.
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