Sensex Today LIVE: Sensex ends 394 points down, Nifty at 11,811 post Union Budget outcome

Sensex Live Today: After the strong bullish push in the early session Friday, Indian equity market indices Sensex and Nifty fell sharply around 1% each post budget announcement and ended in the bearish territory.

Sensex and Nifty closed on a negative note, as market participants turned cautious post the outcome of Union Budget 2019 amid gloablly weakened markets.

At the closing bell, Sensex fell over 394 points to 39,513 post Sitharaman 's Budget speech, while Nifty50 fell 135 points to 11,811 level.

Metal, Oil & Gas, Realty, Pharma and IT stocks dragged the market further down, while banking sector stocks and FMCG pulled the market somewhat upwards.

Earlier today, Sensex reclaimed 40,000 level for the first time since June 11 and Nifty rose above 11,970.

On NSE, the advance cecline ratio stood at 0.31, indicating negative momentum, with 386 stocks advancing against 1258 declining stocks, while 75 remained unchanged. On BSE, at an advance decline ratio of 0.47, a total of 1678 stocks declined against 791 positive ones, while 137 remained unchanged.

FULL COVERAGE: Union Budget 2019

Catch here all the live updates and current events on the stock market today:

Closing Bell

4: 00 pm

At the closing bell, Sensex fell over 394 points to 39,513 post Sitharaman 's Budget speech, while Nifty50 fell 135 points to 11,811 level.

Metal, Oil & Gas, Realty, Pharma and IT stocks dragged the market further down, while banking sector stocks and FMCG pulled the market somewhat upwards.

On NSE, the advance decline ratio stood at 0.31, indicating negative momentum, with 386 stocks advancing against 1258 declining stocks, while 75 remained unchanged. On BSE, at an advance decline ratio of 0.47, a total of 1678 stocks declined against 791 positive ones, while 137 remained unchanged.

Experts' viwe on Higher Tax

3: 22 pm

The highlight of the budget is the higher tax on the super rich. From the perspective of resource mobilisation and social justice this cannot be faulted.But it has to be acknowledged that the tax incidence rising to 42 percent on the super rich is very sharp.  The abolition of angel tax and interchangeability of PAN and Aadhar and 'faceless assessment' of tax assessment are positives. The fiscal deficit target of 3.3 percent is unlikely to be achieved. The disinvestment target of 1.05 lakh crores is achievable and has to be strongly pursued. The proposal to raise public stake in listed companies is desirable but will face practical constraints in implementation in the case of some large-cap companies. The crash in bond yields to around 6.66 percent is the direct consequence of the proposal to think about raising sovereign debt from abroad.

Custom duty hike on gold

3: 00 pm

"The proposal to increase the custom duty on gold and precious metals will certainly lift gold prices in the country. Since the domestic prices are already at multi-year highs due to a weak rupee and higher international prices, the new decision would cause an additional burden on buyers.

The existing import duty on gold is 10 percent which is now revised to 12.5 percent. In addition, gold prices attract GST of 3 percent. Hence the present total tax incidence on gold would be about 15.5 percent this will lead to higher prices for gold in the country. 

After the budget proposal, the most active August gold futures in MCX platform increased by more than two percent to Rs 34968 per ten grams. It made an intraday high of Rs 35100. Meanwhile, gold prices in the international market held steady at $1417 an ounce."

-By Mr Hareesh V, Head - Commodity Research at Geojit Financial Services.

Expert on Custom Duty

2: 45 pm

With the objective of Make in India, the customs duties of certain finished goods are being increased while the customs duty is being reduced on some of the items. This will not only give a filip to manufacture in India but will also avoid the outflow of forex towards the same. In essence the customs duties are being rationalized - NV Raman, Partner/ Indirect Tax, BDO India

Market Expert on Start-ups

2: 30 pm

Start-ups given impetus by introduction of tax sops and a dedicated TV channel for awareness,  in pursuance of Make in India initiative. Plans to set up a global hub for manufacture of electric vehicles in India, GST rate cut for electrical vehicles from 12% to 5% and tax redemption to encourage purchase of electric vehicles, in lieu of government's commitment towards green India - Gunjan Prabhakaran, Partner/ Indirect Tax, BDO India

Experts opinion

1: 55 pm

"Increasing the FDI limits in PSU should help the GOI to meet its divestment target," quoted  Rajesh Thakkar, Partner/ Transaction Tax, Tax & Regulatory Services.

Banking stocks lead today

1: 35 pm

While Oil & Gas, Realty and Metal stocks were dragging the market further down, Banking sector stocks, especially PSU Bank stocks were the bullish pull for today's market.

Following the announcement, there was a surge in Public sector banking stocks, with a 1% rise on index. Central Bank of India ,Bank of Baroda, Oriental Bank of Commerce, Canara Bank, State Bank of India, Bank of India, Allahabad Bank, Indian Bank and Syndicate Bank were gaining, following the announcement, while PNB Bank, IndusInd Bank, Kotak Bank, ICICI and SBI Bank were among the most gaining stocks on index Sensex 30 and Nifty50.

New low on indices

1: 15 pm

While Sensex has made a fresh intraday low 39,573.46 and NSE Nifty has an intrady low of 11,836.50, amid the announcement of Budget.

FM Speech's Highlights

12: 55 pm

Housing: FM says additional Rs 1.5 lk deduction on interest paid for affordable housing loans till March 2020.

Tax: Corporate tax rate of 25 percent extended for cos with annual turnover of rs 400 cr. Finance Minister Nirmala Sitharaman added proposal to give relief in levy of securities transaction tax.

Automobile EV: Encisage India as a Manufacturing hub for EV and additional income tax deduction of `Rs 1.5 lakh on interest paid on loans for EVs.

Realty Toppers

12: 50 pm

Sobha developers, Mahindra Lifespace Developers, Godrej Properties, Indiabulls Real Estate and Phoenix Mills are top gaining stock on Realty sector, that is currently down by 0.85%.

Sensex Toppers

12: 42

IndusInd Bank, Kotak Bank, Hindustan Lever, Bharti Airtel, Asian Paints, SBI, HCL Tech, Bajaj Finance, HDFC, ICICI Bank, Bajaj Auto, Maruti are among the most gaining stock on Sensex 30 share index.

PSU Bank gains

PSU bank is the most gaining sector after FM announces Rs 1,05,000 cr disinvestment in public sector and Rs 70,000 cr infusion in PSU banks. In the Budget speech FM added that NPA stress is to be separated from PFRDA.

New Intraday Low

12: 25 pm

Sensex has made a new low of 39,722 for the day at 11: 47am.

Market Reaction

12: 00 pm

At the introductory part of the speec, market was trading at 39, 966 level IST 11: 15 am. Later with announcement of new measures, the indices declined furthermore. BSE Sensex created a low 39,876 at 11: 30 am. The market continues to battele through the bearish pull and rise. Although as per curent figures Sensex at 147 points fall and Nifty with 51 points fall trade in the negative territory.

Sectorally, except FMCG at gain of mere 0.04% gain, all the sectors are trading down, with worst performance registered in Energy sector with 1.46% decline and 1.45% fall in Metal, followed by 1.20% fall in Realty, 1.15% fall in IT. Financial services is the least falling sector currently, registering 0.01% fall.

Budget Higlights

11: 15 am

-Indian Economy: Indian Economy will reach $3trillion by FY 20. In PPP terms we are the third largest economy already after China and US, FM says pointing out that India has already become a $3 billion economy. India Economy now at $2.7bn and well within capacity to reach $5 trillion economy in the next few years.

-Job Creation: Need to invest heavily in Infra & job creation. Job creators, will proposes steps to kick-start investment in India, Road corridor, Road connectivity, Sagarmala, Water projects, port connective key, Aviation connectivity. 75,000 entrepreneurs to be trained are to be trained as well

-Roadways: Need to develop inland waterways, to shift movement from road and rail. Need of carrying out comprehensive restructuring of national highway programme. She also aded that green tech is to be used to reduce carbon footprint. All-weather road connectivity provided to more than 97% of eligible and feasible habitations, made possible by a high pace of road construction, says the FM.

-Transport:FM also added that the time is ripe for India to enter aircraft financing. She added that 125000 kms of roads will be upgraded with an estimated cost of Rs 80,250Cr under Pradhan Mantri Gram Sadak Yojna. She also aded that green tech is to be used to reduce carbon footprint.

-Investment: Proposes to merge NRI portfolio route with FPI route as well as hike statutory limits for foreign investments in some companies. She also proposes streamlining of KYC norms for Foreign Portfolio.

-Space : FM proposes establishment of NSIL- New commercial arm in the Department of Space to increase India's power in the area of Space and Technology. "India has emerged as a major space power. It is time to harness our ability commercially. To harness India's space ability commercially, a public sector enterprise, New Space India Limited (NSIL) has been incorporated to tap benefits of ISRO," says the FM.

-Housing: She proposes steps for rental housing. "In second phase of PMAY-Gramin, 1.95 crore houses to be provided to eligible beneficiaries, during 2019-20 to 2021-22; they will have amenities such as LPG, electricity and toilets," says the FM.

-Electricity: By 2022, every single rural family except those who are unwilling to take the connection, will have an electricity and a clean cooking facility, says the FM.

-Education: New education policy to bring reform in higher education

Turnover BSE/NSE

10: 40 am

On BSE, total number of shares traded was 52.36 crore and total turnover stood at Rs. 4162.33 crore while on NSE, the total number of shares traded was 129.30 crore and total turnover stood at Rs. 28000.74 crore.

Sector Update

10: 35 am

Sectorally, Energy, CPSE and PSE are the most declining sectors in today's trade at over 1.40 % loss. Other sectors that trading lower with minor declines are Auto, IT, Media , Metal and Pharma.

While Realty is the most gaining index for the day, at gain of over 0.40 %.

Markets turn flat

After record breaking session in the early morning trade, Sensex levelled all previous gains to trade lower at 3.19 oints at 39,904 level and Nifty 50 too has pared gains to trade at 11,938, with a loss of 8.20 points.

Indices low & high

9: 55 am

The BSE Sensex has an intraday high of 40,032.41 and a losw of 39,944.93 in the early trading session today. The broader Nifty50 has made an intraday high of 11,981.75 and a low of 11,959.25.

Marginal rise in India Vix

9: 50 am

Volatility index shows a marginal higher value of 13.57, with a rise of 0.04 points or 0.29% above the yesterday's close of 13.53, indicating a tepid rise in the volume traded today. One week ago, India Vix stood at 14.64, as of June, 27, while a month ago it stood at 15.62, as of June, 4. Volatility index qutoing below 16 indicates a lower volume traded in the equity market.

Sensex reclaims 40,000 level

9: 35 am

Indian equity market indices are trading on strong bullish grounds today, with Sensex reclaiming 40,000 level for the first time since June 11 and Nifty rising above 11,970, ahead of highly anticipated Union Budget 2019 speech.

Equity market opens positive

9: 20 am

In the opening session ahead of Union Budget 2019 outcome, the BSE Sensex started today's trade with a rise of 82 points to 39,990.40 while the broader Nifty50 begins at 11,964 level with a gain of 18 points.

Pre-open Session

9: 05 am

In the pre open session of Friday, the BSE Sensex is trading 251 points up at 39,980 while the broader Nifty is trading over 30 points up at 11,946.

Sensex has made a high of 39,981 and NSE Nifty has made an high of 11,969. However, just few ticks after the pre-open, the benchmark indices Sensex fell over 100 points to 82 points of gain 39,990 while Nifty rose to trade at 11,946.75, gaining with 30 points.

Crude oil prices

8: 55 am

Oil prices fell in thin trade on Thursday, weighed down by data showing a smaller-than-expected draw on U.S. crude stockpiles and worries about the global economy.

Oil prices dip on signs of slowing U.S. demand, economic concerns https://t.co/1g93cAueVj pic.twitter.com/aLdnjYrTV6

- Reuters Business (@ReutersBiz) July 4, 2019

Dalal Street

8: 50 am

Dalal Street counts down to Budget 2019 with market participants awaiting for announcement on whether or not the government will make changes in its fiscal deficit target.

India Vix

8: 40 am

Volatility is expected to be high on Budget day on July 5 as any strong outcome can take it towards a record high of around 12,100 on Nifty50. However the India Vix index has been quoting 14 to 16 range, indicating low volatility in the past few days.

Indian Rupee likely to open strong

8: 30 am

Rupee ended substantially stronger at 68.50 per dollar yesterday. On Wednesday, the Indian currency closed at 68.91 agasint the US dollar. Bond-wise, 2029 bonds ended with 56 paise or 7.26% gains at Rs 103.51, giving a yield of 6.76%. Indian rupee per US dollar is expected to quote in the range of 68.70 and 69.35, as per Motilal Oswal.

SGX Nifty On Singapore Exchange

8: 20 am

SGX Nifty on the Singapore Exchange is hovering around 11,978 vs Nifty July Futures' close of 11,979 on Thursday, indicating a flat opening for Indian equity market.

Global Markets Update

8: 10 am

Asian shares hovered near two-month highs on Friday, holding recent gains as investors awaited U.S. employment data, a key release that could make or break market expectations about aggressive policy easing by the Federal Reserve.

World stocks and bonds have rallied since June on hopes global central banks will keep policy easy to support growth. All eyes are on U.S. non-farm payrolls, due later in the day, which is expected to have jumped by 160,000 in June compared with 75,000 in May. Prospects of global easings has sent government bond yields to multi-year low around the world. The currency market was mostly sidelined ahead of the U.S. jobs figures.

Asian shares near two-month highs ahead of U.S. payrolls https://t.co/Q9syacx5PS pic.twitter.com/jFJybLoWZT

- Reuters Business (@ReutersBiz) July 5, 2019

FII and DII

8: 00 am

The net investment of equity and debt reported by Foreign portfolio investment (FPIs)turned bearish with net selling Rs 28.95 crore from Indian equities while Domestic institutional investors (DIIs) have bought Rs 58.59 crore on Thursday.

Investors' view

7: 50 am:

Investors are now awaiting the fiscal road map and reform measures to be announced in the Budget, analysts said.

Investors also remained optimistic that the Modi 2.0 government's first Budget, to be presented Friday, will propose measures to boost consumption and revive growth, analysts said.

Read more: Sensex, Nifty close higher ahead of Budget 2019

Share market traded range boud with Economic Survey outcome

7: 40 am

While the Economic Survey failed to boost the stock market higher as equity indices mostly traded range-bound and the action for the day remained extremely narrow. The market breadth was positive with an advance-decline ratio of 3:2.

However, expectations of a bullish pull are higher today induced by policy changes and restructural reforms brought up in the budgetary outcome this year.

Thursday's Close

7: 30 am

Benchmark indices Sensex and Nifty ended today's trade marginally higher, one day ahead of the Union Budget. While Sensex rose 68 points to 39,908, Nifty gained 30 points to 11,946. Sectorally , PSU Bank and Realty indices were trading on bullish ground since the beginning of the market session, over 1% gain, on hopes of revival from the policy outcome of Economic Survey and Union Budget.

Read more: Sensex Today: Sensex ends 68 points higher, Nifty at 11,946; PSU Bank, Realty stocks on rise

Union Budget 2019

7: 20 am

Finance Minister Nirmala Sitharaman will present her maiden Union Budget in Parliament today. Sitharaman will present the first budget of Modi 2.0 government on July 5 against the backdrop of India's economy hitting a five-year low growth of 6.8 per cent in 2018-19. It will be interesting to see how Nirmala Sitharaman proposes to steer the economy at a time when reports suggest that there's been a steep slowdown.

Read more: Budget 2019 LIVE updates: Nirmala Sitharaman to present her maiden budget today