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Markets post gains on Thursday

Indian equity indices posted gains on Thursday’s trading session, with both Sensex and Nifty closing higher by 266 and 84 points, respectively. It was a good start to markets, aided by Commerce and Industry Minister Piyush Goyal’s statement that foreign direct investments (FDI) into the country grew 3 per cent to $6.95 billion in April. During 2018-19, the country recorded the highest-ever total FDI inflow of $64.38 billion, which was 6 per cent higher as compared to 2017-18.  Traders took encouragement with a report stating that India has the potential to become the world’s future investment hub and is expected to be the fastest-growing market for investment professionals over the next decade.

Key indices extended their gaining rally in the second half of the session, on account of firm cues from global markets. Domestic sentiments got a boost with Finance Minister Nirmala Sitharaman’s statement the government is committed to continue the path of fiscal consolidation without compromising on public expenditure. Finance Minister also highlighted that promotion of economic growth will be on top of agenda. Market participants were also positive with CBDT Chairman Pramod Chandra Mody’s statement that the government has re-calibrated and fixed the direct taxes collection target for this financial year at Rs 13.35 trillion, a task that is difficult, but achievable.

On the global front, European markets were trading in green, despite France's inflation accelerated as initially estimated in June on services costs. The final data from the statistical office Insee showed that consumer price inflation rose to 1.2 percent from 0.9 percent in May. The rise in inflation resulted from a 1.2 percent acceleration in services prices and 2.6 percent increase in food costs. Asian markets ended in green, even though Japan's tertiary activity declined in May after rebounding in the previous month. The data from the Ministry of Economy, Trade and Industry showed that the tertiary activity index fell 0.2 percent month-on-month in May, reversing a 0.8 percent rise in April.

Back home, Pharma stocks remained in watch, as Ind-Ra in its latest report stated that the US-focused domestic pharmaceutical companies need to step up their regulatory compliance to secure impeccable status as dependable suppliers and provide the targeted return on the ongoing and planned research and development (R&D) and capital investments over the next decade. Further, Hospital industry stocks also remained in focus, after rating agency ICRA in its latest report said that the hospital sector is seeing better days ahead after more than two years of subdued performance which was mainly due to several regulatory measures.

Finally, the BSE Sensex gained 266.07 points or 0.69% to 38,823.11, while the CNX Nifty was up by 84.00 points or 0.73% to 11,582.90.

The BSE Sensex touched a high and a low of 38,892.50 and 38,631.31, respectively and there were 23 stocks advancing against 08 stocks declining on the index.

The broader indices ended in green; the BSE Mid cap index rose 0.56%, while Small cap index was up by 0.41%.

The top gaining sectoral indices on the BSE were Auto up by 1.84%, Metal up by 1.81%, Telecom up by 1.46%, Realty up by 1.36% and Consumer Disc up by 1.15%, while Capital Goods down by 0.23% and Consumer Durables down by 0.05% were the only losing indices on BSE.

The top gainers on the Sensex were Hero MotoCorp up by 4.46%, Tata Motors - DVR up by 3.76%, Tata Motors up by 3.63%, Indusind Bank up by 3.57% and SBI up by 2.51%. On the flip side, Tech Mahindra down by 1.33%, Bajaj Auto down by 1.06%, ICICI Bank down by 0.99%, Yes Bank down by 0.65% and TCS down by 0.30% were the top losers.

Meanwhile, CBDT Chairman Pramod Chandra Mody has said that the government’s direct taxes collection target of Rs 13.35 lakh crore for the current financial year (FY20) is difficult, but achievable. He also said that the government can only think of further lowering corporate tax rates once the exemptions and deductions in this sector are phased out.

Mody said “I am happy to say that the government in its wisdom was appreciative of that and they went by the actual collections which happened last year. And consequent to that the budget (collection target for direct taxes) has now been fixed at Rs 13.35 lakh crore.” He indicated that this translates to about 17.5 percent increase year-on-year. He noted that now, this current target has to be seen in the perspective of the historical growth rate in collections in the past three years. He said “this gives me lot of hope and confidence that we will be able to achieve the 17.5 percent growth that we are mandated to achieve. It would be a difficult task but not totally unachievable.”

CBDT Chairman further highlighted that the direct tax revenue collection has increased from Rs 6.38 lakh crore in FY 2013-14 to Rs 11.37 lakh crore in the FY 2018-19 i.e the direct tax collection has witnessed a rise of approximately 78%. Besides, he expressed hoped that the economy would do well and consequently the revenue collection will also do well with the kind of push that has been given to investment and growth in the latest budget.

The CNX Nifty traded in a range of 11,599.00 and 11,519.50. There were 40 stocks advancing against 10 stocks declining on the index.

The top gainers on Nifty were Zee Entertainment up by 7.59%, JSW Steel up by 4.96%, Hero MotoCorp up by 4.59%, Indusind Bank up by 3.61% and Tata Motors up by 3.20%. On the flip side, Tech Mahindra down by 1.41%, ICICI Bank down by 1.17%, IOC down by 0.78%, UPL down by 0.54% and Axis Bank down by 0.49% were the top losers.

European markets were trading in green; UK’s FTSE 100 increased 19.14 points or 0.25% to 7,549.83, France’s CAC rose 18.57 points or 0.33% to 5,586.16 and Germany’s DAX was up by 21.67 points or 0.18% to 12,395.08.

Asian markets ended higher on Thursday, tracking gains on Wall Street after Federal Reserve Chairman Jerome Powell suggested the US central bank is ready to cut interest rates for the first time in a decade. Chinese shares inched up marginally on rising hopes for global central banks to step up support for economic growth, after Federal Reserve Chairman Jerome Powell set the scene for a July interest rate cut. Further, Japanese shares ended higher even as the yen strengthened on lower yields in reaction to Powell's downbeat tone on the economy.

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