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Jul 05, 2019 03:44 PM IST | Source: Moneycontrol.com

Closing bell: Sensex falls 395 pts, Nifty below 11,900 after Budget 2019; autos, metals sink

All sectoral indices closed in red barring Bank and FMCG. Nifty Auto index fell nearly 3 percent and Metal 3.8 percent.

  • Jul 05, 03:40 PM (IST)

    Market Closing

    Benchmark indices fell sharply for first time in last five straight sessions after Budget failed to boost sentiment.

    The BSE Sensex fell 394.67 points to 39,513.39 and the Nifty50 declined 135.60 points to 11,811.20. About two shares declined for every share rising on the BSE.

    Yes Bank, NTPC, UPL, M&M and Vedanta were biggest losers among Nifty50 stocks, down 4-8 percent while Indiabulls Housing, IndusInd Bank, Kotak Mahindra Bank and SBI gained 1-3 percent.

    Nifty Midcap index fell 1.7 percent. Escorts, Adani Enterprises, Jain Irrigation, Allahabad Bank, BEL, DLF and InterGlobe Aviation fell sharply while ICICI Prudential gained a percent.

  • Jul 05, 03:38 PM (IST)

    Banker's Take on Budget

    "Fiscal deficit and gross borrowings are in line with pre-budget expectations. Additionally, some part of borrowings within the gross borrowings is estimated to be raised overseas. So the pressure on domestic liquidity is that much less. Indian rupee can gain a bit on the back of this development. However, most of today's reactions could reverse as timing is key. Bond yields were expected to test 6.50% and today's low was close to that. Bias remains for softer yields this quarter," RK Gurumurthy, Head of Treasury, Lakshmi Vilas Bank said.

  • Jul 05, 03:30 PM (IST)

    UPL, Dhanuka Agritech and Coromandel International fell sharply after government announced about zero budget farming.

  • Jul 05, 03:28 PM (IST)

    Revenue Secretary, Ajay Bhushan Pandey said the government expects Rs 12,000 crore additional revenue gain from hike in surcharge on income tax.

  • Jul 05, 03:23 PM (IST)

    Top Gainers and Losers among Sensex Stocks

      Top Gainers and Losers among Sensex Stocks
  • Jul 05, 03:21 PM (IST)

    Cigarette Stocks Rally

    "A very nominal excise duty has been imposed on tobacco products in this budget. The increase in this tax was expected to be much higher. Hence, the relatively low increase in taxes on sin goods will help companies like ITC," Gaurav Garg, head of research at CapitalVia Global Research said.

  • Jul 05, 03:17 PM (IST)

    Banker's Take on Budget

    "The government has tried to strike a balance between fiscal consolidation and supporting growth. With a hike in excise duties, increasing the target for divestments and for the dividend receipts, the government has made sure that overall revenue collections do not suffer. This was especially important at a time when the traction in GST and personal income tax collections remained muted. Now, with the downward revision in the collection target of these two categories, the overall revenue assumptions looks much more credible and pragmatic," Abheek Barua, Chief Economist, HDFC Bank said.

  • Jul 05, 03:15 PM (IST)

    Steep Revenue Target on Disinvestment

    "The government has laid steep revenue target on disinvestment. CPSE ETF have been successful to a large extent and government is looking for a greater participation from general public on this account. Hence government will offer an investment option on lines of ELSS (tax breaks) for ETF investing in CPSE’s. This should encourage long term investments in CPSE’s and also provide an alternate investment option to retail investor which is tax efficient," Akhil Mittal, Senior Fund Manager, Tata Mutual Fund said.

  • Jul 05, 03:12 PM (IST)

    Market Update:

    Bears finally took charge for first time in last five consecutive sessions after the end of much awaited Budget event.

    The BSE Sensex plunged 390.41 points to 39,517.65 and the NSE Nifty dropped 134.30 points to 11,812.50.

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