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Bourses trade with losses in early afternoon session
Mar-11-2025

Mirroring weak global cues, Indian equity markets continued to trade with losses in early afternoon session amid Donald Trump’s tariff-related threats. Besides, traders were cautious about key macroeconomic data i.e. Consumer Price Index (CPI) and Index of Industrial Production (IIP), which due on tomorrow. Traders overlooked the report that the government has sought Parliament nod to spend a net additional Rs 51,462.86 crore in the current financial year ending March (FY25), with a large chunk going towards pension and subsidy fertiliser. The gross additional spending sought by the government is over Rs 6.78 lakh crore, of which Rs 6.27 lakh crore would be matched by savings and receipts. On the global front, all Asian markets are trading lower on concerns about U.S. President Donald Trump's flip-flop tariff policy and its impact on inflation, interest rates and global growth.

The BSE Sensex is currently trading at 73939.07, down by 176.10 points or 0.24% after trading in a range of 73663.60 and 74095.46. There were 14 stocks advancing against 16 stocks declining on the index.

The broader indices were trading mixed; the BSE Mid cap index gained 0.17%, while Small cap index was down by 0.95%.

The top gaining sectoral indices on the BSE were Realty up by 3.01%, Telecom up by 1.24%, Oil & Gas up by 0.78%, Energy up by 0.49% and Healthcare was up by 0.27%, while IT down by 1.49%, TECK down by 0.72%, Bankex down by 0.39%, Industrials down by 0.39% and Auto was down by 0.37% were the top losing indices on BSE.

The top gainers on the Sensex were Sun Pharma up by 2.90%, ICICI Bank up by 2.10%, Bharti Airtel up by 1.51%, NTPC up by 0.90% and ITC up by 0.54%. On the flip side, Indusind Bank down by 25.47%, Zomato down by 4.66%, Infosys down by 2.87%, Bajaj Finserv down by 2.24% and Mahindra & Mahindra down by 1.92% were the top losers.

Meanwhile, central GST officers have detected tax evasion of Rs 1.95 lakh crore in 25,397 cases in the April-January period of the current fiscal (FY25). As per the data shared in the Lok Sabha, the total number of GST evasion cases detected by central government officers in the last five years was 86,711 and the total detection was over Rs 6.79 lakh crore. In the current fiscal (up to January 2025), the total number of evasion cases detected stood at 25,397, with a total detection amount of Rs 1,94,938 crore.

During the period, a voluntary deposit of Rs 21,520 crore was made in tax evasion cases. The total number of ITC fraud cases in the current fiscal stood at 13,018 involving an amount of Rs 46,472 crore. A voluntary deposit of Rs 2,211 crore was made. According to the GST Investigation Wing data, in 2023-24 fiscal 20,582 evasion cases were detected involving Rs 2.30 lakh crore. In 2022-23, GST evasion detection was Rs 1.32 lakh crore, in 2021-22 (Rs 73,238 crore) and in 2020-21 (Rs 49,384 crore).

Minister of State for Finance Pankaj Chaudhary said the Central Government and GSTN have taken various steps to improve compliance and prevent tax evasions, including providing intelligence inputs, detecting fraudulent registration, and suspicious e-way bill activity and selection of returns for scrutiny and selection of taxpayers for audit based on various risk parameters. He said these measures are helpful in safeguarding the revenue and nabbing the evaders. Certain projects were also undertaken such as ‘Project Anveshan' (Analytics, Verification, Shortlisting of Anomalies) whereby newer techniques like Facial Recognition System (FRS), E-way bill data etc. were used for early identification of GSTINs with propensity for fake/ fraudulent activity to generate Intelligence reports.

The CNX Nifty is currently trading at 22447.60, down by 12.70 points or 0.06% after trading in a range of 22314.70 and 22485.85. There were 27 stocks advancing against 23 stocks declining on the index.

The top gainers on Nifty were Sun Pharma up by 2.93%, Trent up by 2.84%, ICICI Bank up by 2.12%, BPCL up by 1.87% and Shriram Finance up by 1.51%. On the flip side, Indusind Bank down by 25.36%, Infosys down by 2.81%, Bajaj Finserv down by 2.25%, Mahindra & Mahindra down by 1.86% and Wipro down by 1.78% were the top losers.

All Asian markets are trading lower; Taiwan Weighted lost 388.06 points or 1.76% to 22,071.09, Nikkei 225 slipped 235.16 points or 0.64% to 36,793.11, Hang Seng declined 184.77 points or 0.78% to 23,598.72, Straits Times fell 74.27 points or 1.94% to 3,824.80, Jakarta Composite plunged 56.35 points or 0.86% to 6,541.86, KOSPI dropped 32.79 points or 1.29% to 2,537.60 and Shanghai Composite was down by 0.82 points or 0.02% to 3,365.34.
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