The domestic indices continued trading with losses in early afternoon trade. The Nifty index traded above 14,550-mark. Mounting COVID-19 cases continued in the country and a negative trend in Asian equities spoiled sentiment.
At 12:20 IST, the barometer index, the S&P BSE Sensex, fell 329.20 points or 0.67% at 48,453.16. The Nifty 50 index lost 75.40 points or 0.52% at 14,555.70.
In the broader market, the S&P BSE Mid-Cap index slipped 0.43% while the S&P BSE Small-Cap index rose 1.14%.
The market breadth was positive. On the BSE, 1,577 shares rose and 1,244 shares fell. A total of 169 shares were unchanged.
Derivatives:
The NSE's India VIX, a gauge of market's expectation of volatility over the near term, rose 1.06% to 23.2725. The Nifty 27 May 2021 futures were trading at 14,606.25, at a premium of 50.55 points as compared with the spot at 14,555.70.
The Nifty option chain for 27 May 2021 expiry showed maximum Call OI of 22.6 lakh contracts at the 15,000 strike price. Maximum Put OI of 33.4 lakh contracts was seen at 14,000 strike price.
Sugar stocks in demand:
KCP Sugar & Industries Corporation (up 19.99%), Sakthi Sugars (up 19.93%), Dwarikesh Sugar Industries (up 18.24%), Dhampur Sugar Mills (up 17.08%), EID Parry (up 11.2%), Shree Renuka Sugars (up 9.99%), Rana Sugars (up 9.97%), Triveni Engineering & Industries (up 9.23%), Balrampur Chini Mills (up 8.37%), DCM Shriram Industries (up 7.53%) and Simbhaoli Sugars (up 4.99%) surged.
Stocks in Spotlight:
Hero MotoCorp fell 0.69%. The two-wheeler major's total two-wheeler sales dropped 35.47% to 3,72,285 units in April 2021 as against 5,76,957 units in March 2021. Domestic sales tumbled tumbled 37.05% to 3,42,614 units in April 2021 compared with 5,44,340 units in March 2021.
Exports lost 9.03% to 29,671 units in April 2021 from 32,617 units in March 2021. Hero MotoCorp said that the sales in April 2021 were subdued due to the temporary closure of plant operations and the retail outlets across several key territories in India on account of the impact of the second wave of COVID-19.
Maruti Suzuki India advanced 2.17% after the company posted a total sales of 159,691 units in April 2021 compared with 632 units in April 2020. Since April 2020 had lockdown due to COVID-19 and almost zero sales, a comparison with April 2020 doesn't have any meaning, the auto maker said in a statement.
The company had recorded total sales of 143,245 units in April 2019 and 172,986 units in April 2018. Total sales in the month include domestic sales of 137,151 units, sales to other OEMs 5,303 units and exports of 17,237 units.
Economy:
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) was reported at 55.5 in April 2021, little changed from March's reading of 55.4, indicating a solid improvement in the health of the sector. Consumer goods was the strongest-performing category, followed by capital goods and then intermediate goods.
GST Collection for April 2021:
The gross Goods and Services Tax (GST) revenue collected in the month of April is at a record high of Rs 1,41,384 crore. Of which CGST is 27,837 crore, SGST is 35,621 crore, IGST is 68,481 crore and Cess is 9,445 crore.
The revenues for the month of April this year are 14% higher than the GST revenues in the month of March 2021. The GST revenues during April 2021 are the highest since the introduction of GST. GST revenues have not only crossed the one lakh crore rupees mark successively for the last seven months but have also shown a steady increase. These are clear indicators of sustained economic recovery during this period.
Further, the government has announced various relief measures for taxpayers under GST law including reduction in interest rate and waiving of late fee. The Finance Ministry has said that a lower rate of interest of 9% for the first 15 days from the due date of payment of tax and 18% thereafter, for the tax payable for tax period of March and April 2021 has been notified for registered persons having aggregate turnover of over Rs 5 crore.
In case of aggregate turnover upto Rs 5 crore, nil rate of interest for the first 15 days from the due date of payment of tax, 9% for the next 15 days, and 18% thereafter, for both normal taxpayers and those under Quarterly Return, Monthly Payment of Taxes (QRMP) Scheme for March and April, 2021 has been notified.
For registered persons having aggregate turnover above Rs 5 crore, the late fee has been waived for 15 days with regard to returns in FORM GSTR-3B furnished beyond the due date for tax periods of these two months. In case of turnover upto Rs 5 crore, the late fee has been waived for 30 days for GSTR-3B returns furnished beyond the due date.
Besides, the Finance Ministry has extended the due date of filing FORM GSTR-1 and Invoice Furnishing Facility- IFF for the month of April due in May has been extended by 15 days. The due date of filing FORM GSTR-4 for Financial Year 2020-21 has also been extended from 30th April to 31st May, 2021. The due date of furnishing FORM ITC-04 for January to March, 2021 quarter has also been extended from 25th April, to 31st of this month.
Politics:
Election results 2021 for West Bengal, Assam, Tamil Nadu, Kerala and Puducherry assemblies were declared on Sunday (May 2). The TMC managed a landslide victory in West Bengal, the same as DMK in Tamil Nadu and Left-led LDF in Kerala. The BJP managed to retain power in Assam and cruised to victory in Puducherry.
Coronavirus Update:
Total COVID-19 confirmed cases worldwide stood at 15,28,75,042 with 32,02,699 deaths. India reported 34,13,642 active cases of COVID-19 infection and 2,18,959 deaths while 1,62,93,003 patients have been discharged, according to the data from the Ministry of Health and Family Welfare, Government of India.
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