GST collections rose 10% to Rs 1.63 lakh crore In September - Daily Market Update- Equity 03 Oct 2023 | Globe Capital Market LTD.
GST collections rose 10% to Rs 1.63 lakh crore In September – Daily Market Update- Equity 03 Oct 2023

The gross goods and services tax for August, collected in September, rose 10% to nearly Rs 1.63 lakh crore, according to the Ministry of Finance. The average monthly gross GST collection in FY24 stands at Rs 1.65 lakh crore with 11% YoY growth, the ministry said in a statement on Sunday. The total gross collection in the first half of FY24 so far stands at over Rs 9.92 lakh crore, recording an 11% growth over a year earlier. The average GST collection in the April-June quarter of 2024 was around Rs 1.69 lakh crore.

Overview and Outlook

Global Stock Market Today

  • Barring Dow Jones other US equity markets ended on a  positive note
  • European markets ended on negative note.
  • Asian equity markets are trading on negative note.
  • GIFT Nifty is trading down by 43 point (as on 8:30AM), Nifty futures likely to open around 19568 levels.


News highlights from across the globe

  • Shares declined in Asia after hawkish signaling from the Federal Reserve fueled a volatile session for the S&P 500.
  • Energy and financial stocks sold off Monday, erasing gains for the year in the S&P/Toronto Stock Exchange Composite Index. The tech-heavy Nasdaq 100 defied the negative sentiment, ending the day 0.8% higher, buoyed by firms including Microsoft Corp., Apple Inc. and Nvidia Corp.
  • Brent Crude prices were trading above $90 a barrel and the yield on the 10-year U.S. bond was trading at 4.58%


Important news updates from the domestic front

  • Cipla divested a 51% stake in Saba Investment, UAE, for a consideration of $6 million. Saba and its subsidiaries, viz., Cipla Middle East Pharmaceuticals FZ LLC, UAE, and Cipla Medica Pharmaceutical and Chemical Industries, Yemen, have ceased to be subsidiaries of the company.
  • Vedanta announced the demerger of businesses into six listed companies. The company will demerge businesses into aluminium, oil and gas, power, steel, and metal companies. For every share held in a company, shareholders get one share of each of the five newly listed companies. The process is expected to be completed by September 2024.
  • Hero MotoCorp will increase the prices of select motorcycles and scooters by around 1% starting Oct. 3. The exact quantum of increase varies by specific models and markets.
  • Indus Tower entered into a pact with IOC Phinergy for the deployment of 300 energy systems.
  • Kalpataru Projects International bagged power transmission and distribution orders worth Rs 552 crore in Indian and overseas markets, and buildings and factories business orders worth Rs 464 crore in India.
  • Eris Lifesciences entered into a term loan agreement of Rs 212 crore with HDFC Bank.
  • KPIT Technologies completed the acquisition of Future Mobility Solutions GmbH with a payment of €8.199 million for the final tranche. The company acquired a 25% shareholding in 2021 and the remaining 75% over a six-month period beginning April 1, 2023, for a total consideration of €15.9 million.


Nifty Overview & Outlook

The benchmark Nifty index settled higher at 19638 levels, added over 100 points to its previous closing values after highly volatile trading session.

The broader markets outperformed the benchmark as Midcap and Small cap index rose over 1% each against 0.59% advance of frontline index.

All the sectoral indices, barring IT  index, tracked at NSE settled in green. Amongst them, Nifty Healthcare and Pharma index was at the top of the tally, gained over 2.5% followed by Nifty Media, Oil & Gas  and  PSU Bank index that settled higher in range 1.18% to 1.96%.

Technically, Nifty index formed a indecisive candlestick on daily as well as on weekly charts. Going ahead, we expect it to trade sideways till it is trading in 19500-19800 range. Either side break from this range will open the doors for next directional move in that direction.


Derivatives Overview & Outlook

On Friday, short covering was seen in Nifty futures and Banknifty futures with decrease in open interest by 2.5% and 3.8% respectively while long buildup was seen in Finnifty futures with increase in open interest by 2.3%.

Long buildup was seen among majority of F&O sector. Amongst them, Chemicals, Media, Reality and Cements stocks witnessed maximum addition of long positions.

On options front, both call writing and put writing was seen at multiple strikes and maximum positions are at 19600 PE and 19800 CE.


Institutional Trading Activity

Last week, FIIs sold stocks worth Rs 8431 Cr in the cash segment, sold stocks futures and index future worth Rs 4018 Cr and Rs 7608 Cr respectively. DIIs were net buyer in the cash segment to the tune of Rs 6721 Cr.


Nifty Futures, Banknifty Futures and Finnifty Key Levels

Nifty – Resistances 19830-19920; Supports 19550-19430

Banknifty – Resistances 45110-45475; Supports 44460-44150

Finnifty – Resistances 20080-20200; Supports 19820-19680





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