Take the pledge to vote

For a better tommorow#AajSawaroApnaKal
  • I agree to receive emails from News18

  • I promise to vote in this year's elections no matter what the odds are.
  • Please check above checkbox.

    SUBMIT

Thank you for
taking the pledge

Vote responsibly as each vote counts
and makes a diffrence

Disclaimer:

Issued in public interest by HDFC Life. HDFC Life Insurance Company Limited (Formerly HDFC Standard Life Insurance Company Limited) (“HDFC Life”). CIN: L65110MH2000PLC128245, IRDAI Reg. No. 101 . The name/letters "HDFC" in the name/logo of the company belongs to Housing Development Finance Corporation Limited ("HDFC Limited") and is used by HDFC Life under an agreement entered into with HDFC Limited. ARN EU/04/19/13618
LIVE TV DownloadNews18 App
News18 English
News18 » Business
2-min read

Sensex Cracks Nearly 400 Points After Sitharaman's Budget; Jewellery Stocks Drop on Gold Gloom

After a highly volatile session, the 30-share index ended 394.67 points, or 0.99 per cent, lower at 39,513.39. The index hit an intra-day low of 39,441.38 and a high of 40,032.41.

News18.com

Updated:July 5, 2019, 6:11 PM IST
facebookTwitterskypewhatsapp
Representative Image.
Representative Image

Mumbai: The BSE Sensex plunged 395 points Friday on heavy selling in metal, power, auto and IT counters, after the Budget proposal of raising public shareholding threshold stoked fears about liquidity in the market.

RATE The Budget

Presenting the Union Budget for 2019-20, Finance Minster Nirmala Sitharaman said it was the right time to consider increasing minimum public shareholding from 25 per cent to 35 per cent.

Jewellery stocks fell 2-7 percent intraday on Friday as Sitharaman announced in the Budget that 12.5 percent customs duty will be levied on gold and other precious metals.

After a highly volatile session, the 30-share index ended 394.67 points, or 0.99 per cent, lower at 39,513.39. The index hit an intra-day low of 39,441.38 and a high of 40,032.41.

Similarly, the 50-share NSE Nifty sank 135.60 points or 1.14 per cent, to 11,811.15. During the day, the index touched a low of 11,797.90 and a high of 11,981.75.

Barring FMCG index and bankex, all sectoral indices on BSE ended in the red.

Yes Bank was the top loser in the Sensex pack, crashing 8.36 per cent, followed by NTPC, M&M, Vedanta, Sun Pharma and TCS, which lost up to 4.81 per cent lower.

On the other hand, IndusInd Bank, Kotak Bank, SBI, ITC, Bharti Airtel and ICICI Bank rose up to 2.16 per cent.

"While we need to await Sebi regulations regarding how much time will be given to these companies to meet with this minimum public shareholding norms, the overhang of this requirement of off-loading of promoter shareholding can have significant impact on the markets and the specific stocks," said Jagannadham Thunuguntla, Senior VP and Head of Research (Wealth), Centrum Broking.

Many PSUs have not been able to meet even the 25 per cent public shareholding norm till now.

"The regulator needs to provide sufficient time to meet this requirement so as not to over-flood the markets with stake sales by promoters," he added.

The Budget also proposed rationalisation and streamlining of KYC norms for foreign portfolio investors to make them investor-friendly.

The finance minister said the government will provide one-time partial credit guarantee to public sector banks to buy rated pooled assets of financially sound NBFCs.

Sitharaman also said the government proposes to initiate steps for electronic fund raising programme for listing of social enterprises and voluntary organisations.

She also announced raising the disinvestment target to Rs 1,05,000 crore in FY 2019-20 as against Rs 90,000 crore set in the interim budget.

Interoperability of RBI depositories and SEBI depositories is necessary for seamless transfer of treasury bills, she said, adding the government will take necessary measures for the same.

The rupee, meanwhile, witnessed a sharp recovery to trade at 68.52 against the US dollar intra-day.

Elsewhere in Asia, bourses in China, Japan and South Korea ended on a negative note. Equites in Europe were trading in the green in their respective early deals. The benchmark Brent crude futures were trading 0.52 per cent higher at USD 63.63 per barrel.

Get the best of News18 delivered to your inbox - subscribe to News18 Daybreak. Follow News18.com on Twitter, Instagram, Facebook, Telegram, TikTok and on YouTube, and stay in the know with what's happening in the world around you – in real time.

| Edited by: Chitwan Kaur
Read full article
Next Story
Next Story

Also Watch

facebookTwitterskypewhatsapp
Most Active
Company Price Change %Gain
TCS 1,986.85 -0.88
Indiabulls Hsg 209.90 7.45
Infosys 814.80 4.05
IndusInd Bank 1,223.20 -0.43
Yes Bank 39.60 -3.30
Company Price Change %Gain
Indiabulls Hsg 209.95 7.67
Yes Bank 39.60 -3.30
TCS 1,987.05 -0.87
IndusInd Bank 1,223.25 -0.46
Bandhan Bank 583.40 15.08
Top Gainers
Company Price Change %Gain
Cipla 441.35 4.55
Vedanta 147.05 4.18
Infosys 814.80 4.05
Tata Motors 121.30 3.85
ONGC 129.00 2.79
Company Price Change %Gain
Infosys 815.70 4.19
Vedanta 146.95 3.96
Tata Motors 121.35 3.81
ONGC 129.10 2.95
Tata Steel 339.40 2.94
Top Losers
Company Price Change %Gain
Yes Bank 39.60 -3.30
IOC 143.40 -3.24
GAIL 124.95 -1.88
M&M 560.10 -1.05
Zee Entertain 242.50 -1.02
Company Price Change %Gain
Yes Bank 39.60 -3.30
M&M 559.80 -1.19
TCS 1,987.05 -0.87
Reliance 1,352.40 -0.73
IndusInd Bank 1,223.25 -0.46

Live TV

Countdown To Elections Results
To Assembly Elections 2018 Results