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Daily Market Update
12-Feb-20251 min readvipin kumar

India’s net direct tax collection grows 14.69% to over Rs 17.78 Lakh Crore- Daily Market Update 12th Feb 2025

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Net direct tax collection grew 14.69% to over Rs 17.78 lakh crore so far this fiscal, government data showed on Tuesday. As per the data released by the Central Board of Direct Taxes, mop up from net non-corporate taxes, which include mainly personal income tax, grew 21% year-on-year to about Rs 9.48 lakh crore.

Net corporate tax collection rose more than 6% to over Rs 7.78 lakh crore between April 1, 2024, and Feb. 10, 2025. Net collections from securities transaction tax jumped 65% to Rs 49,201 crore so far this fiscal.

Overview and Outlook

Global Stock Market Today

  • US equity markets settled on a flat note.
  • European equity markets ended slightly in green.
  • Asian equity markets are trading with positive bias.
  • GIFT Nifty is up by 70 points, Nifty futures likely to open around 23200 levels.

 

News highlights from across the globe

  • US stocks fluctuated and bond yields rose after Federal Reserve Chair Jerome Powell reiterated the central bank is in no rush to cut rates.
  • Dollar retreats as traders await U.S. inflation data.

 

Important news updates from the domestic front

  • Birlasoft Q3 Highlights (Consolidated, QoQ) Revenue down 0.4% to Rs 1,362.70 crore versus Rs 1,368.22 crore. Ebitda down 1% to Rs 142.16 crore versus Rs 143.12 crore. Ebitda margin at 10.4% versus 10.5%. Net profit down 8% to Rs 116.94 crore versus Rs 127 crore.
  • IRCTC Q3 Highlights (Consolidated, YoY) Revenue up 9.8% to Rs 1,224.66 crore versus Rs 1,115.48 crore. Ebitda up 6% to Rs 416.57 crore versus Rs 393.97 crore. Ebitda margin at 34% versus 35.3%. Net profit up 14% to Rs 341.09 crore versus Rs 300 crore.
  • Berger Paints Q3 (Consolidated, YoY) Revenue up 3.26% to Rs 2,975 crore versus Rs 2,881 crore. Ebitda down 1.66% to Rs 472 crore versus Rs 480 crore. Ebitda margin down 79 bps to 15.86% versus 16.66%. Net profit down 1.66% to Rs 295 crore versus Rs 300 crore.
  • TVS Motor has signed a memorandum of understanding with the Karnataka government to invest Rs 2,000 crore in the state. It will set up a global capability centre in Karnataka.
  • H.G. Infra Engineering jointly with D.E.C. Infrastructure and Projects received the letter of acceptance from Rail Land Development Authority for a project worth Rs 2,469 crore.
  • Hatsun Agro Product has completed the acquisition of a proposed stake in Milk Mantra Dairy. Post acquisition, it will hold 98.4% stake in Milk Mantra Dairy.
  • Jupiter Wagons has received a letter of acceptance for an order worth Rs 600 crore from Ambuja Cements and ACC. The order involves manufacturing and supplying BCFCM rakes.
  • BEML has established a strategic partnership with STX Engine to co-develop, manufacture, and market battle tank engines, marine engines, spares, and engine components.
  • Bharat Heavy Electricals has received an order worth Rs 6,200 crore from Damodar Valley Corp.
  • Happy Forgings has signed a memorandum of understanding with a global manufacturer to supply heavy forged and machined components.

 

Nifty Overview & Outlook

Benchmark Nifty index settled sharply lower at 23072 levels after a cut of more than 300 points from its previous closing values amid US impositions of 25% tariff on Steel and Aluminium imports.

Broader markets underperformed the benchmark as Mid and Small cap indices ended sharply lower after a cut of over 3% each.

All sectoral indices tracked at NSE settled in red. Amongst them, Realty, Healthcare, Media, Consumer Durables and Auto index were the top losers, fell in range 2% to 3%.

Technically, Nifty index has breached the 23200 spot levels on the down side reversing the short term trend on the down side. Going ahead, it is likely to trade with negative bias till it is trading below 23450 spot levels on closing basis. On the lower side, 22800-22750 zone will provide the immediate support.

 

Derivatives Overview & Outlook

Yesterday, all F&O index futures fell on short buildup as Nifty, Banknifty, Finnifty and Midcapnifty futures added 1.6%, 17%, 10% and 5% of open interest respectively.

All the sectoral indices settled lower. Amongst them, Auto, Capital Goods, Banking & Finance stocks witnessed maximum addition of short positions whereas some long unwinding was seen among Chemical and Media stocks.

On option front, call writing was seen at multiple strikes. Maximum positions are at 24000 CE followed by 23800 CE and 22000 PE followed by 22500 PE.

 

Institutional Trading Activity

Yesterday, FIIs sold stocks worth Rs 4486 Cr in the cash segment, sold stocks futures worth Rs 786 Cr also sold index futures worth Rs 1685 Cr. DIIs were net buyers in the cash segment to the tune of Rs 4002 Cr.

 

Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 23280-23350; Supports 23050-22920

Banknifty – Resistances 49600-49800; Supports 49200-49020

Finnifty – Resistances 23250- 23320; Supports 23080-23000

 

F&O Security in Ban Today: MANAPPURAM

 

Important Results Today : AEGISLOG, EKC, FIEMIND, GRAPHITE, HAL, IOLCP, JUBLFOOD, RCF, RVNL.

Disclosure

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