Halting Eight Day Rally, Amid Weak Trend In Global Market

The market is expected to open in the red on 2 December, 2022 as trends in the SGX Nifty indicate a negative opening for the domestic equity benchmarks with a loss of 50 points.

The thirty share BSE Sensex further declined 305.61 points to 62,978.58 after beginning the trade on a negative note. The broader NSE Nifty dipped 79.65 points to 18,732.85.

Among the Sensex pack, Hindustan Unilever, Maruti, UltraTech Cement, Mahindra & Mahindra, Asian Paints and Nestle were among the major laggards.

International oil benchmark Brent crude was trading 0.30 per cent higher at USD 87.14 per barrel.

Wall Street ended mixed on Thursday as a selloff in Salesforce weighed on the Dow, while traders digested US data that suggested the Federal Reserve’s interest rate hikes are working.

Markets in the Asia-Pacific fell while investors looked for clarity after China signaled slight easing of its stringent Covid restrictions. Markets in Seoul, Tokyo, Shanghai and Hong Kong were trading lower.

Trends in the SGX Nifty indicate a negative opening for the broader index in India with a loss of 50 points. The Nifty futures were trading around 18,925 levels on the Singaporean exchange.

Government cuts windfall tax on locally produced crude oil and diesel exports

The Central government on 1 December, 2022 said that it has further cut windfall tax on locally produced crude oil and diesel exports. The tax on crude oil produced by firms such as state-owned Oil and Natural Gas Corporation (ONGC) has been reduced to Rs 4,900 per tonne from the existing Rs 10,200 per tonne, as per a government notification.

The government also cut the rate on export of diesel to Rs 8 per litre from Rs 10.5 per litre in the fortnightly revision of waterfall. The levy includes Rs 1.5 per litre as road infrastructure cess.

November GST collections at Rs 1.46 lakh crore, down 3.9% from October.

India collected Rs 1.46 lakh crore as Goods and Services Tax (GST) in November, the finance ministry said on 1 December,2022. At Rs 1.46 lakh crore, November’s GST collections for are up 10.9 percent compared to the same month last year, but 3.9 percent lower from October.

The gross GST collection was Rs 1.52 lakh crore in October 2022 and Rs 1.32 lakh crore in November 2021.

Foreign institutional investors have net sold shares worth Rs 1,565.93 crore, while domestic institutional investors net bought shares worth Rs 2,664.98 crore on 1December, 2022, as per provisional data available on the NSE.

The National Stock Exchange has retained Punjab National Bank, BHEL, Delta Corp and Indiabulls Housing Finance, under its F&O ban list for 2 December, 2022.