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Indian equity benchmarks turned negative in late morning session, with both Sensex and Nifty trading in red terrain, despite positive cues from other Asian markets. Domestic sentiments were negative, as RBI data showed the country's foreign exchange reserves declined by $1.47 billion to $639.642 billion in the week ended September 17. Besides, Union Finance Minister Nirmala Sitharaman said despite the huge thrust on financial inclusion and high economic activity, there are districts in the country not having any banking presence at all. However, downside remained capped after the Central Board of Direct Taxes (CBDT) said the net personal income and corporate taxes collection grew 74 per cent to Rs 5.70 lakh crore so far this fiscal, driven mainly by advance tax and TDS payments.

On the global front, Asian markets are trading mostly in green, after Taiwan's export orders increased more than expected in August. The data from the Ministry of Economic Affairs showed that export orders advanced 17.6 percent year-on-year in August. Orders for mineral products accelerated 112.4 percent annually in August and those of transport equipment gained 42.4 percent. Bookings for chemicals, and plastics and articles thereof; rubber and articles thereof increased by 56.1 percent and 45.3 percent, respectively.

The BSE Sensex is currently trading at 59947.32, down by 101.15 points or 0.17% after trading in a range of 59887.19 and 60412.32. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading in red; the BSE Mid cap index was down by 0.41%, while Small cap index was down by 0.17%.

The top gaining sectoral indices on the BSE were Realty up by 2.07%, Auto up by 1.82%, Oil & Gas up by 1.04%, Energy up by 0.73% and PSU up by 0.67%, while IT down by 2.33%, TECK down by 1.97%, Healthcare down by 1.12%, Capital Goods down by 0.88% and FMCG down by 0.70% were the top losing indices on BSE.

The top gainers on the Sensex were Maruti Suzuki up by 3.67%, Mahindra & Mahindra up by 2.21%, HDFC Bank up by 1.50%, Bajaj Auto up by 1.41% and SBI up by 1.08%. On the flip side, HCL Tech. down by 3.77%, Tech Mahindra down by 3.11%, Infosys down by 2.49%, Bajaj Finserv down by 1.93% and Bharti Airtel down by 1.87% were the top losers.

Meanwhile, the Central Board of Direct Taxes (CBDT) said the net personal income and corporate taxes collection grew 74 per cent to Rs 5.70 lakh crore so far this fiscal, driven mainly by advance tax and TDS payments. as per the data, the mop up of net direct tax (which is arrived at after deducting refunds from gross collection) between April 1-September 22 was at Rs 5,70,568 crore, a 74.4 per cent growth over Rs 3.27 lakh crore collected in the same period last fiscal. It was 27 per cent growth over Rs 4.48 lakh crore collected in 2019-20.

The gross direct tax collection so far this fiscal stood at over Rs 6.45 lakh crore, a 47 per cent growth over Rs 4.39 lakh crore mopped up in the corresponding period of the preceding year. The gross collection was 16.75 per cent higher than Rs 5.53 lakh crore collected between April 1-September 22 of 2019-20 fiscal. While over Rs 2.53 lakh crore has been collected through advance tax, Tax Deducted at Source (TDS) mop-up was over Rs 3.19 lakh crore. Self-assessment tax worth Rs 41,739 crore, regular assessment tax of Rs 25,558 crore, dividend distribution tax of Rs 4,406 crore and tax under other minor heads of Rs 1,383 crore has been mopped up.

CBDT said ‘The cumulative advance tax collections for the first and second quarter of the FY 2021-22 stand at Rs 2,53,353 crore as on September 22, 2021, against advance tax collections of Rs 1,62,037 crore for the corresponding period of the immediately preceding financial year i.e 2020-21, showing a growth of 56 per cent’. The advance tax collection comprises corporation tax (CIT) at Rs 1.96 lakh crore and personal income tax (PIT) at Rs 56,389 crore. The gross CIT mop up was Rs 3.58 lakh crore and PIT was over Rs 2.86 lakh crore, while net CIT was at Rs 3.02 lakh crore and PIT was at Rs 2.67 lakh crore. Refunds amounting to Rs 75,111 crore have also been issued in the FY 2021-22 so far.

The CNX Nifty is currently trading at 17831.80, down by 21.40 points or 0.12% after trading in a range of 17802.90 and 17943.50. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were Tata Motors up by 4.17%, Maruti Suzuki up by 3.88%, ONGC up by 2.31%, Mahindra & Mahindra up by 2.24% and Hero MotoCorp up by 2.14%. On the flip side, HCL Tech. down by 3.73%, Wipro down by 3.07%, Divi's Lab down by 3.06%, Tech Mahindra down by 3.01% and Infosys down by 2.28% were the top losers.

Asian markets are trading mostly in green; Nikkei 225 added 7.97 points or 0.03% to 30,256.78, Straits Times surged 36.12 points or 1.18% to 3,097.47, Hang Seng rose 105.99 points or 0.44% to 24,298.15, Taiwan Weighted gained 1.12 points or 0.01% to 17,261.31 and KOSPI jumped 8.38 points or 0.27% to 3,133.62. On the other hand, Jakarta Composite fell 13.46 points or 0.22% to 6,131.36 and Shanghai Composite was down by 47.13 points or 1.30% to 3,565.94.

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