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Nifty falls below 22,500; Broader Market Underperforms | Capital Market News
Major stock indexes reversed all early gains and traded with moderate losses in morning trading. The Nifty fell below the 23,500 level after hitting the day’s high of 23,630.85 in early trade. Real estate stocks witnessed profit-taking after advancing in the last three consecutive trading sessions.
At 10:30 am IST, the barometer index, the S&P BSE Sensex fell 197.93 points or 0.26% to 77,103.21. The Nifty 50 index lost 99.10 points or 0.42% to 23,458.80.
The Sensex and Nifty recorded an all-time high of 77,581.46 and 23,630.85 respectively in early trade.
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The broader market underperformed the major indices, the S&P BSE Mid-Cap index fell 1.29% and the S&P BSE Small-Cap index fell 1.14%.
The S&P BSE Mid-Cap and S&P BSE Small-Cap indices touched an all-time high of 46,442.90 and 51,968.25, respectively.
Market breadth was negative. On BSE, 1,338 shares rose and 2,250 shares fell. A total of 136 shares remained unchanged.
Economy:
The provisional figures of direct tax collections for the financial year 2024-25 (as on 17.06.2024) show that the net collections are Rs 4,62,664 crore as compared to Rs 3,82,414 crore in the corresponding period of the financial year previous financial year (i.e. fiscal year 2023-24), representing an increase of 20.99%, data from the Ministry of Finance showed.
Provisional gross direct tax collection figures (before adjustment for refunds) for the financial year 2024-25 are Rs 5,15,986 crore as compared to Rs 4,22,295 crore in the corresponding period of the previous financial year, showing a growth of 22.19% over the collections of the fiscal year 2023-24.
The provisional figures of total advance tax collections for the financial year 2024-25 (as on 17.06.2024) are Rs 1,48,823 crore as against advance tax collections of Rs 1,16,875 crore for the corresponding period of immediately preceding financial year (i.e. FY 2023-24), showing a growth of 27.34%. The advance tax collection of Rs 1,48,823 crore comprises corporation tax (CIT) of Rs 1,14,353 crore and personal income tax (PIT) of Rs 34,470 crore.
Tinnitus Index:
The Nifty Realty index fell 2.87% to 1,117.30. The index jumped 5.01% in the last three consecutive trading sessions.
Phoenix Mills (down 4.72%), Sobha (down 4.18%), Macrotech Developers (down 3.69%), Prestige Estates Projects (down 3.31%), Oberoi Realty (down 2 .28%), Brigade Enterprises (down 1.86%), DLF (down 1.68%), Godrej Properties (down 1.65%) and Swan Energy (down 1.55%) declined.
Featured stocks:
Venus Remedies advanced 1.44% after the company announced that it received a tender from the Pan American Health Organization, supported by VVHO, to supply essential cancer medicines to several countries in Latin America.
Ami Organics jumped 8.41% after its board approved the opening of qualified institutional placement (QIP) of shares with a floor price of Rs 1,228.71 per share.
Distributed by Capital Markets – Live News