Market Recap: Nifty Slips as Direct Tax Collections Surge and Global Trade Challenges Intensify

Market Summary

The benchmark Nifty index fell by 0.16% to close at 25377.6 on 18-Sep. The Nifty Midcap150 index fell by 0.7% to close at 22079.9. The Nifty Smallcap250 index fell by 0.34% to close at 18475.8. Currency and money markets were closed yesterday.

Key News

• The Centre’s direct tax collection collections, net of refunds, rose about 16% on year to Rs 9.92 lakh crore till September 15, 2024, in the current financial year, reports
FE
* The Centre has decided to partially restore wheat allocation for the beneficiaries of the government’s flagship free grains programme, Pradhan Mantri Gareeb Kalyan Ann Yojana over 2 years, reports BS
* Amid a massive slowdown in China, India’s exports to the neighboring country contracted at a faster pace in comparison to the exports to the rest of the world, reports BS
* Electricity prices in the spot market declined by over 40% on year in August owing to favorable monsoon which led to high hydro and wind generation this year, reports
FE
* Advance tax collections by corporates, other firms and individuals rose 20.6% on year in the 2nd quarter of the current fiscal year to Rs 2.87 lakh crore, reports FE
* The Union Cabinet has approved a 724,475 crore subsidy for phosphatic and potassic fertilizers to aid farmers during the rabi season, reports ET
* The Global Trade Research Initiative reports a significant drop in India’s diamond sector, with a 24.5% decline in rough diamond imports and a 45.3% decrease in net exports of cut and polished diamonds, reports ET
* Around 67% of equity mutual funds outperformed their benchmarks in August, up from 39% in July, reports ET