GST collection rises 12.5% YOY to Rs 1.68 lakh crore in Februtay, gross FY24 sum at Rs 18.4 lakh crore: Daily Market Update - 04 March 2024 | Globe Capital Market LTD.
GST collection rises 12.5% YOY to Rs 1.68 lakh crore in Februtay, gross FY24 sum at Rs 18.4 lakh crore: Daily Market Update – 04 March 2024

The average monthly gross collection for the current fiscal stood at ₹1.67 lakh crore, exceeding ₹1.5 lakh crore in the last fiscal. "Gross Goods and Services Tax (GST) revenue collected for February 2024 is ₹1,68,337 crore, marking a robust 12.5 per cent increase compared to that in the same month in 2023," the ministry said in a statement. This growth was driven by a 13.9 per cent rise in GST from domestic transactions and an 8.5 per cent increase in GST from import of goods.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled higher in range 0.23% to 1%.
  • European equity markets settled on a flat to positive note .
  • Asian equity markets are trading on a mix note.
  • GIFT Nifty is up by 76 points, Nifty futures is likely to open around 22500 levels (as on 8:30AM).


News highlights from across the globe

  • Japan’s Nikkei crossed 40,000 mark for the first time in the first session of the week, taking cues from Friday’s record rally on Wall Street.
  • Market participants are keenly awaiting for China’s 14th National People’s Congress, an annual parliamentary meeting, to see whether the country announces further stimulus measures.
  • Brent crude was trading 0.37% higher at $83.86 a barrel.


Important news updates from the domestic front

  • Zee Entertainment Enterprise: A Delhi court has ordered Bloomberg to take down an article that alleged corporate governance issues at the company and reported that the market regulator has found a $241 million accounting issue at the company.
  • One 97 Communications: The Financial Intelligence Unit of India has imposed a penalty of Rs 5.49 crore on Paytm Payments Bank for violations of the bank’s obligations under the Prevention of Money Laundering Act, 2002.
  • Jio Financial Services: The Bombay Stock Exchange announced its periodic reconstitution of S&P BSE Indices on Thursday, with Jio Financial Services being the only addition to the S&P BSE Large Cap.
  • Axis Bank approved the raising of Rs 4,000 crore via long-term bonds, non-convertible debentures, and other debt instruments. The fundraise will have a base issue size of Rs 1,000 crore and a green shoe option of Rs 3,000 crore.
  • Asian Paints will set up a new water-based paint manufacturing facility in Madhya Pradesh with a capacity of 4 lakhs KL per annum. The approximate investment for the facility is Rs 2,000 crore.
  • Torrent Power received a Rs 2,700 crore order from Railway Energy Management for installing about 325 MW of renewable capacity. The company received a letter of award from NTPC Vidyut Vyapar Nigam to supply power from a a gas-based power project.
  • Tanla Platforms, Vodafone Idea: Tanla Platforms has signed a definitive Memorandum of Understanding with Vodafone Idea Business Services Ltd. to deploy ‘Messaging as a platform’ in India.
  • PVR Inox opened a 4-screen multiplex in Patna and a 14-screen multiplex in Pune.
  • Larsen & Turbo’s arm has transferred the remaining 25% stake in step-down unit IIML to Allianz Infrastructure Luxembourg on Feb. 29.
  • Maruti Suzuki India reported total production volume at 1.78 lakh units vs. 1.59 lakh units year-on-year for the month of February.


Nifty Overview & Outlook

The Benchmark Nifty extended gains for a third straight session to end at a new closing high i.e 22378 levels, added 40 point to its previous closing values on a special trading session.

Broader market outperformed the benchmark as Midcap and small cap index was up over 0.5% each against flat to positive closing of frontline index.

All the sectoral indices, barring Nifty Pvt Bank index, tracked at NSE settled in green. Amongst them, Nifty Media was at the top of the tally, up1.75% followed by Nifty Consumer Durables, Metal and Realty indices that settled higher in range 1% to 1.5%.

Technically, Nifty index is well placed on multiple chart frames. Going ahead, we expect it to trade with to positive bias and suggest traders to maintain buy on dips trading approach till it is trading above 22000 level on a closing basis.


Derivatives Overview & Outlook

Last Saturday, no significant change was seen in Nifty, Banknifty and Finnifty futures on price. On open interest front, Nifty open interest decrease by 0.3% whereas Banknifty and Finnifty open interest increase by 1% and 5.1% respectively.

Most of the F&O sectors settled higher. Amongst them, Metal, Power and Capital Goods shares witnessed maximum addition of long positions.

On options front, put writing was seen at multiple strikes and maximum positions are at 22000 PE and 23000 CE.


Institutional Trading Activity

Last week, FIIs sold stocks worth Rs 58 Cr in the cash segment, bought stocks futures worth Rs 153 Cr and sold index futures worth Rs 463 Cr. DIIs were net buyer in the cash segment to the tune of Rs 230 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 22580-22650; Supports 22300-22200

Banknifty – Resistances 47950-48200; Supports 47400-47100

Finnifty – Resistances 21200-21320; Supports 20960-20800


F&O Securities in Ban Today  – ZEEL.


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