9:55 am Tax collection: Government’s direct tax kitty has swelled to Rs 5.57 lakh crore between April 1 and December 19, thereby achieving 65 percent of budget estimates.
The mop up from indirect tax, which comprises customs, excise and service tax, in April-November period jumped 26.2 percent to Rs 7.53 lakh crore.
Belying fears of slowdown in industrial activity post demonetisation, the indirect tax collection in November alone grew 23.1 percent to Rs 67,358 crore.
Finance Minister Arun Jaitley said, irrespective of what critics had predicted, figures revealed that till November 30, there is a significant increase in indirect taxes.
9:45 am FII: Ridham Desai of Morgan Stanley said, “Key drivers for the market mood in Q1FY17 remain incoming growth data, global cues especially on US tightening, President-elect Trump’s fiscal plans, commodity prices and the forthcoming Budget on February 1.”
“We expect the U-shaped earnings recovery to be delayed by a quarter or two. We estimate an earnings growth of 2 percent Y-o-Y for FY17 and 18 percent for FY18.”
“Improving external environment augers well for earnings, although headwinds from higher oil prices and some demand impact due to the recent currency ban could weigh on earnings in the near team,” he added.
9:30 am Market gains: The market manages to climb as the Sensex is up 171.12 points or 0.6 percent at 26537.27. The Nifty is up 52.20 points or 0.6 percent at 8155.80. About 1202 shares have advanced, 271 shares declined, and 53 shares are unchanged.
ICICI Bank, ITC, Asian Paints, Maruti and Sun Pharma are top gainers while Bharti Airtel, Coal India and Bajaj Auto are losers in the Sensex,
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