At 12:30 IST, the barometer index, the S&P BSE Sensex, was up 364.08 points or 0.50% to 73,452.41. The Nifty 50 index added 149 points or 0.67% to 22,296.

The broader market outperformed the key indices. The S&P BSE Mid-Cap index rose 0.94% and the S&P BSE Small-Cap index added 1.36%.

The market breadth was strong. On the BSE, 2,699 shares rose and 1,058 shares fell. A total of 171 shares were unchanged.

Economy:

The provisional figures of Direct Tax collections for the Financial Year (FY) 2023-24 show that Net collections are at Rs. 19.58 lakh crore, compared to Rs. 16.64 lakh crore in the preceding Financial Year i.e. FY 2022-23, representing an increase of 17.70%.

The Budget Estimates (BE) for Direct Tax revenue in the Union Budget for FY 2023- 24 were fixed at Rs. 18.23 lakh crore which were revised and the Revised Estimates (RE) were fixed at Rs. 19.45 lakh crore. The provisional Direct Tax collections (net of the refunds) have exceeded the BE by 7.40% and RE by 0.67%.

Meanwhile, India?s foreign exchange (forex) reserves declined $5.401 billion to $643.162 billion during the week ended April 12, according to the latest RBI data. In the previous reporting week, overall reserves had risen $2.88 billion to a new high of $648.562 billion.

For the week ended April 12, the foreign currency assets, a major component of the reserves, decreased by $6.513 billion to $564.653 billion, according to the data released on April 19.

Gold reserves continued their rise and increased by $1.241 billion to $55.798 billion during the week. The special drawing rights (SDRs) were down $93 million to $18.077 billion, the RBI said.

India?s reserve position with the IMF was also down by $35 million to $4.634 billion in the reporting week, the central bank data showed.

Derivatives:

The NSE's India VIX, a gauge of the market's expectation of volatility over the near term, slipped 3.60% to 12.97. The Nifty 25 April 2024 futures were trading at 22,273.95, at a discount of 22.05 points as compared with the spot at 22,296.

The Nifty option chain for the 25 April 2024 expiry showed maximum Call OI of 107.3 lakh contracts at the 23,000 strike price. Maximum Put OI of 105.2 lakh contracts were seen at 22,000 strike price.

Buzzing Index:

The Nifty Consumer Durables index gained 2.08% to 33,434.75. The index has rallied 2.58% in two trading sessions.

Voltas (up 6.77%), Whirlpool of India (up 5.28%), Dixon Technologies (India) (up 3.16%), Rajesh Exports (up 2.46%), V-Guard Industries (up 2.46%), Crompton Greaves Consumer Electricals (up 2.34%), Blue Star (up 2.07%), Bata India (up 1.69%), Havells India (up 1.56%) and Cera Sanitaryware (up 1.38%) advanced.

Stocks in Spotlight:

Dilip Buildcon advanced 2.60% after CRISIL Ratings revised its outlook on the long-term bank facilities and non-convertible debentures of the company to ?positive? from ?negative? while reaffirming the rating at 'CRISIL A?.

Biocon added 2.67% after the company has received an approval from South African Health Products Regulatory Authority (SAHPRA) for their vertically integrated, complex drug product Tacrolimus capsule in South Africa.

Escorts Kubota gained 2.30% after the tractor maker said that its Agri Machinery Business Division will be increasing its prices for the tractors with effect from 1 May 2024. The company informed that the increase in prices would vary across models/variants and geographies.

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