The benchmark indices attained fresh intraday high in mid-afternoon trade, boosted by banks, autos and metal stocks. At 14:30 IST, the barometer index, the S&P BSE Sensex, soared 922.15 points or 1.58% at 59,175.97. The Nifty 50 index surged 266.85 points or 1.54% at 17,620.90.
In the broader market, the S&P BSE Mid-Cap index added 1.21% while the S&P BSE Small-Cap index rose 1.31%.
The market breadth was strong. On the BSE, 2,720 shares rose and 814 shares fell. A total of 130 shares were unchanged.
Buzzing Index:
The Nifty Metal index rose 1.28% to 5,592.50. The index added 3.24% in the two trading sessions.
Coal India (up 4.76%), Vedanta (up 3.36%), Jindal Steel & Power (JSPL) (up 2%), Tata Steel (up 1.82%) and Steel Authority of India (SAIL) (up 1.68%) were the top gainers in the Metal segment.
Coal India jumped 4.76%. The state-run coal major's offtake stood at 60.7 million tonnes (MT) in December 2021, growing 15.7% as compared with 52.5 MT recorded in the same month last year. The company's coal production rose 3.3% to 60.2 million tonnes (MT) in December 2021 from 58.3 MT in December 2020.
COVID-19 Update:
India added 33,750 new cases in the last 24 hours taking active caseload to 1,45,582 patients. Total deaths due to COVID-19 stood at 4,81,893. Meanwhile, the country reported 1,700 new omicron cases.
West Bengal imposed a series of new COVID-19 related restrictions from 3 January under which all schools and colleges will remain shut. Restrictive measures have also been imposed on shopping malls, market complexes, restaurants, and bars, wherein only 50% of their total capacity is allowed.
Since it was first detected in South Africa last month, the omicron variant has spread across the globe and is now present in 106 countries.
Economy:
The seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) stood at 55.5 in December, pointing to a robust improvement in overall operating conditions that was elevated by historical standards. This was despite the headline figure slipping from November's ten-month high of 57.6. Moreover, the latest quarterly reading was at 56.3, its highest since the final quarter of fiscal year 2020/21.
The central government's fiscal deficit at the end of November 2021 narrowed down to Rs 6.96 lakh crore ($93.7 billion) or 46.2% of the annual budget target for the FY2021-22 as a result of an improvement in the revenue collection, according to official data released on Friday, 31 December 2021. The deficit figures in the current financial year till November 2021 were better than the previous financial year when it had soared to 135.1% of the estimates mainly on account of a jump in expenditure to deal with the COVID-19 pandemic.
In April-November, net tax receipts were at Rs 11.35 trillion while the total expenditure stood at Rs 20.75 trillion, the data showed.
In actual terms, the deficit stood at Rs 6,95,614 crore at the end of November 2021 against the annual estimate of Rs 15.06 lakh crore, according to data released by the Controller General of Accounts (CGA). For the current financial year, the government expects the deficit at 6.8% of GDP or Rs 15,06,812 crore.
As per RBI's official press release, India's forex reserves decreased by $587 million to $635.08 billion for the week ended 24 December 2021. In the previous week ended 17 December 2021, the overall reserves had decreased by $160 million to $635.667 billion.
GST Collection for December 2021:
The GST revenue collected in December 2021 was Rs 1,29,780 crore, or 13% higher than the same month last year, the Finance Ministry said on Saturday, 1 January 2022. Though the collection was lower than Rs 1.31 lakh crore mopped up in November 2021, the December month was the sixth month in a row when revenue from goods sold and services rendered stood at over Rs 1 lakh crore.
The gross GST revenue collected in the month of December 2021 stood over Rs 1.29 lakh crore, of which CGST was Rs 22,578 crore, SGST was Rs 28,658 crore, IGST was Rs 69,155 crore (including Rs 37,527 crore collected on import of goods) and cess was Rs 9,389 crore (including Rs 614 crore collected on import of goods).
Numbers to Track:
The yield on 10-year benchmark federal paper rose to 6.464% as compared with 6.454% at close in the previous trading session.
In the foreign exchange market, the rupee lower against the dollar. The partially convertible rupee was hovering at 74.3125, compared with its close of 74.2950 during the previous trading session.
MCX Gold futures for 4 February 2022 settlement fell 0.18% to Rs 48,013.
The US Dollar index (DXY), which tracks the greenback's value against a basket of currencies, fell 0.09% to 95.89.
In the commodities market, Brent crude for March 2022 settlement rose $1.10 at $78.88 a barrel.
Global Markets:
Most European stocks opened higher on Monday, 3 January 2022 in the first trading day of the new year. Markets in the U.K. and Ireland were closed for the new year holiday. The positive start for Europe comes after more choppy trade in Asia overnight, where shares were mixed on Monday. Markets in mainland China and Japan are closed on Monday for a holiday.
Singapore's economy grew slightly more than expected in the fourth quarter from a year earlier, preliminary data showed on Monday. Gross domestic product (GDP) expanded 5.9% in October-December on a year-on-year basis, the Ministry of Trade and Industry said in a statement.
U.S. stocks finished their final trading session of the year lower, capping off a record-setting 2021 that came despite the persistent headwinds of COVID-19.
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