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 days 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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