The domestic equity barometers traded near the flat line, as they fluctuated between gains and losses, in early trade. The Nifty traded above the 18,270 mark. FMCG, PSU bank and metal stocks advanced while pharma, healthcare and IT shares corrected.
At 09:29 IST, the barometer index, the S&P BSE Sensex, was up 67.61 points or 0.11% to 61,405.42. The Nifty 50 index added 9.55 points or 0.05% to 18,278.55.
In the broader market, the S&P BSE Mid-Cap index slipped 0.33% while the S&P BSE Small-Cap index fell 0.05%.
The market breadth was positive. On the BSE, 1,668 shares rose and 1,159 shares fell. A total of 164 shares were unchanged.
Foreign portfolio investors (FPIs) sold shares worth Rs 1,975.44 crore, while domestic institutional investors (DIIs), were net buyers to the tune of Rs 1,542.50 crore in the Indian equity market on 16 December, provisional data showed.
Economy:
India's Direct Tax collections for the Financial Year 2022-23, as on 17 December 2022 show that net collections are at Rs 11,35,754 crore, compared to Rs 9,47,959 crore in the corresponding period of the preceding Financial Year i.e FY 2021-22, representing an increase of 19.81%. The Net Direct Tax collection of Rs 11,35,754 crore as on 17 December 2022 includes Corporation Tax (CIT) at Rs 6,06,679 crore (net of refund) and Personal Income Tax (PIT) including Securities Transaction Tax(STT) at Rs 5,26,477 crore (net of refund).
The Gross collection of Direct Taxes (before adjusting for refunds) for the FY 2022-23 stands at Rs 13,63,649 crore compared to Rs 10,83,150 crore in the corresponding period of the preceding financial year, registering a growth of 25.90% over collections of F.Y. 2021-22.
Stocks in Spotlight:
Tata Motors declined 0.75%. The auto major said that its fully owned subsidiary, TML Smart City Mobility Solutions has signed a definitive agreement with Bengaluru Metropolitan Transport Corporation (BMTC) for operating 921 electric buses in the city of Bengaluru.
Larsen & Toubro (L&T) shed 0.40%. L&T signed an agreement to sell its entire 51% stake in L&T IDPL, along with its subsidiaries, to Epic Concesiones. Post transaction, L&T IDPL will cease to be subsidiary of L&T. L&T Infrastructure Development Projects Limited (L&T IDPL) is a joint venture between Larsen & Toubro (L&T) and Canada Pension Plan Investment Board (CPP Investments), holding 51% and 49% shares respectively.
Sun Pharmaceutical Industries fell 1.41%. The pharma major said its Halol, Gujarat facility has received warning letter from the USFDA regarding the inspection conducted from 26 April 2022 to 9 May 2022.
Tech Mahindra added 0.15%. The IT major has approved sale of 100% stake in Dynacommerce Holdings B.V., a wholly owned subsidiary of the company to Comviva Netherlands B.V., a step-down subsidiary of the company.
Adani Enterprises rose 0.01%. The company announced that its joint venture, AdaniConnex, with EdgeConnex has incorporated a wholly owned subsidiary (WOS), DC Development Noida Two (DCDNTL). It will undertake business to develop, operate, maintain, deal with data centers, Information Technology (IT) / Information Technology Enabled Services (ITES) / cloud, providing services related thereto.
Dilip Buildcon rallied 3.40%. The civil construction company said that it has received letter of acceptance (LoA) from the National Highways Authority of lndia (NHAI) for new hybrid annuity model (HAM) projects in the state of Karnataka, Chhattisgarh and Telangana.
RITES fell 0.08%. RITES said that it has signed an MoU with Kirloskar Oil Engines to jointly explore business opportunities for supplies/services in the areas of export of railway rolling stock, infrastructure and urban transport for domestic and overseas markets.
Global Markets:
Asian stocks declined across the board on Monday as investors struggled to shake off recession fears. In China, officials vowed to stabilize its economy in 2023 and maintain ample liquidity in financial markets in order to meet key targets, as per reports.
US stocks dropped for a third straight session on Friday as fears continued to mount that the Federal Reserve's campaign to arrest inflation would tilt the economy into a recession.
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