Barometers hit day's low; GST collection in Sept cross Rs 1.17 lakh cr

Equity indices extended losses and hit the day's low in early afternoon trade. The Nifty slipped below the 17,500 mark. Banks and financial shares tumbled.

At 12:24 IST, the barometer index, the S&P BSE Sensex, was at 58,631.82, down 494.33 points or 0.84%. The Nifty 50 index was down 141.15 points or 0.8% at 17,477.15.

In the broader market, the S&P BSE Mid-Cap index was down 0.37% while the S&P BSE Small-Cap index rose 0.22%.

The market breadth was almost even. On the BSE, 1555 shares rose and 1530 shares fell. A total of 178 shares were unchanged.

COVID-19 Update:

Total COVID-19 confirmed cases worldwide stood at 233,713,190 with 4,782,640 deaths. India reported 275,224 active cases of COVID-19 infection and 448,339 deaths according to the data from the Ministry of Health and Family Welfare, Government of India.

In the last 24 hours, India records 26,727 new cases. Active cases accounted for less than 1% of total cases, currently at 0.82%. Active caseload stood at 2,75,224, lowest in 196 days. The recovery rate currently stands at 97.86%, highest since March 2020. The country reported 28,246 recoveries in the last 24 hours taking total recoveries to 3,30,43,144.

Derivatives:

The NSE's India VIX, a gauge of market's expectation of volatility over the near term, fell 1.39% to 18.145. The Nifty 28 October 2021 futures were trading at 17,470, at a premium of 5 points as compared with the spot at 17,465.

The Nifty option chain for 28 October expiry showed maximum Call OI of 18.7 lakh contracts at the 18,000 strike price. Maximum Put OI of 29.4 lakh contracts was seen at 17,000 strike price.

Economy:

The gross GST revenue collected in the month of September 2021 stood at Rs 1,17,010 crore, up 23% YoY. Of this, CGST is Rs 20,578 crore, SGST is Rs 26,767 crore, IGST is Rs 60,911 crore (including Rs 29,555 crore collected on import of goods) and Cess is Rs 8,754 crore (including Rs 623 crore collected on import of goods).

The government has settled Rs 28,812 crore to CGST and Rs 24,140 crore to SGST from IGST as regular settlement. The total revenue of Centre and the states after regular settlements in the month of September 2021 is Rs 49,390 crore for CGST and Rs 50,907 crore for the SGST.

Meanwhile, the government's fiscal deficit stood at Rs 4.68 lakh crore or 31.1% of the budget estimates at the end of August, as per data released by the Controller General of Accounts (CGA) on Thursday. Net tax receipts were Rs 6.45 lakh crore while total expenditure was Rs 12.77 lakh crore, the data showed.

Further, the seasonally adjusted IHS Markit India Manufacturing Purchasing Managers' Index (PMI) rose to 53.7 in September, from 52.3 in August, highlighting a stronger expansion in overall business conditions across the sector.

Buzzing Segment:

Shares of gas producers and distributors were in action after the government raised the price of the locally produced gas for the period October 2021 to March 2022. The Petroleum Planning & Analysis Cell (PPAC) said that the price of domestic natural gas for the period from 1 October 2021 to 31 March 2022, is fixed at $2.90 per million British thermal units (mmBtu) on gross calorific value (GCV) basis. The prices have increased by 62% compared with $1.79 per mmBtu set for the period of April-September 2021. The gas price ceiling for the period from 1 October 2021 to 31 March 2022 is set at $6.13 per mmBtu on GCV basis. The ceiling has been set for the marketing including pricing freedom for gas being produced from discoveries in deepwater, ultra-deepwater and high pressure-high temperature areas. The gas price ceiling is hiked by 69% compared with the ceiling of $3.62 per mmBtu set for the period of April-September 2021.

Gail (India) (up 1.57%), Mahanagar Gas (up 0.45%) Adani Total Gas, (up 0.26%) and Indraprastha Gas (up 0.03%) advanced while Gujarat Gas (down 2.51%) declined.

Meanwhile, ONGC (up 0.42%) and Reliance Industries (up 0.23%) advanced while Oil India (down 2.13%) declined.

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