Closing bell: The BSE Sensex plunged 395 points on 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.

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.

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.

Indian jewellers lose glitter after govt raises duty on gold

The shares of jewellery makers fell as the government raised customs duty on gold and precious metals to 12.5 per cent from 10 per cent.

The shares of jewellery makers like PC Jeweller Ltd , Tribhovandas Bhimji Zaveri Ltd and Titan Co Ltd fell between 3.1 per cent and 6.4 per cent

The last time the stock of PC Jeweller hit such levels was in February 2014. The shares of Titan and TBZ fell to their lowest in over a fortnight.

As of Thursday's close, PC Jeweller and TBZ shed 50.8 per cent and 33 per cent, respectively, this year, while Titan climbed 38.6 per cent higher during the same period

Budget 2019: Gold import duty hiked to 12.5%

The government on Friday proposed to increase import duty on gold and precious metal to 12.5 per cent, a move which would make the yellow metal and jewellery expensive in the domestic market.

“It is proposed to increase custom duty on gold and other precious metals from 10 per cent to 12.5 per cent,” Finance Minister Nirmala Sitharaman said in her Budget speech. Click here to read more

Finance Minister Nirmala Sitharaman on Friday said the government will build 1.95 crore houses under the Pradhan Mantari Awas Yojna (PMAY) - Gramin over the next two years.

Additional deduction of Rs 1.5 lakh for interest paid on loans upto March 31, 2019 for purchase of affordable house of Rs 45 lakh or below

Up to Rs 45 lakh, will get enhanced interest deduction up to Rs 3.5 lakh

Additional deduction of Rs. 1.50 lakh on interest paid for house purchase from Rs. 2 lakh. Total benefit Rs. 3.5 lakh. FM says net gain would be Rs. 7 lakh

Period of exemption for capital gains arising from sale of house for investment in startups to be extended to March 31, 2021.

Here is trading trends in realty stocks.

Finance Minister Nirmala Sitharaman on Friday announced that the government will pump in 70,000 crore into public sector banks (PSBs) to strengthen them and enhance their lending capacity. Here is the trends in PSBs stock movement.

Nifty sectoral indices at 12.40 pm

Budget 2019: Sensex gives up gains, falls over 150 points

The BSE Sensex surrendered early gains to fall over 150 points on Friday, dragged by losses in oil and gas, metal and power stocks, as Finance Minster Nirmala Sitharaman presented her maiden Union Budget.

The 30-share index was trading 171.82 points, or 0.43 per cent, lower at 39,736.24 at 1150 hours. Similarly, the 50-share NSE Nifty declined 55.70 or 0.47 per cent, to 11,891.05.

The Sensex had reclaimed the 40,000 mark and the NSE Nifty inched closer to the 12,000 level in morning trade ahead of the Budget presentation.

Top losers in the Sensex pack included Yes Bank, ONGC, NTPC, Vedanta, Sun Pharma, Tata Motors, M&M, Tata Steel, Hero MotoCorp and TCS, falling up to 5 per cent.

HUL, Asian Paints and Kotak Bank were the only gainers in the index, rising up to 0.81 per cent.

Presenting the full Union Budget for 2019-20, Sitharaman said India needs to make structural reforms to achieve the target of USD 5 trillion economy in the next few years.

She said it was the right time to consider increasing minimum public shareholding from 25 per cent to 35 per cent.

The Budget also proposed rationalisation and streamlining of KYC norms for Foreign Portfolio Investors to make them investor-friendly.

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

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.

Markets at noon: The Sensex and Nifty are trading down 0.50 per cent each while the Finance Minister Nirmala Sitharaman is presenting her maiden Budget.

At 11.53 am, the Sensex is down 133 points at 39,774.66, while Nifty down 59 points at 11,887.05.

* Model tenancy law will be finalised and circulated to states

* Rs 350 cr allocated for 2 per cent interest subvention for all GST-registered MSMEs on fresh or incremental loans

* Govt to liberalise FDI in aviation, media, animation and insurance intermediaries

* Govt contemplating global investors meet using national infrastructure fund as anchor to get all three sets of global stakeholders

* Propose to initiate steps for electronic fund raising programme for listing of social enterprises, voluntary organisations

* Govt proposes rationalising and streamlining of KYC norms for Foreign Portfolio Investors to make it investor-friendly

* NRI portfolio route to be merged with FPI for seamless investment in stock markets

* Credit Guarantee Enhancement Corp will be set up in 2019-20, action plan to deepen markets for long-term bonds with specific focus on infra sector to be put in place

* FPI investment limit increased from 24 per cent to sectoral FDI investment limits

* Free LPG scheme, electricity connection has transformed rural India

* Every single rural family, except those unwilling to take connection, will have an electricity, LPG connection by 2022

* FAME II scheme aims to encourage faster adoption of electric vehicles by right incentives and charging infra

* In second phase of Bharat Mala project, states will be helped to develop roadways.

* Govt will create a payment platform for MSMEs for payment of bills

* Rs 10,000 crore has been approved on Apr 1, 2019 to encourage faster adoption of electric vehicles

* Package for power sector tariff and structural reforms to be unveiled soon

* Govt to soon announce a package for power sector

* India’s FDI flows in 2018 remained strong at USD 64.37 billion

* Model tenancy law will be finalised and circulated to states

* Govt allocated Rs 350 cr towards interest subvention for MSMEs for 2019-20

* Comprehensive restructuring of National Highways Programme to ensure creation of National Highways Grid of desirable capacity

* India requires capital of about Rs 20 lakh crore every year

* Pension to be provided to 3 crore retail traders under Pradhan Mantri Karmyogi Mandand scheme.

* Cargo movement in Ganga will increase 4 times in 4 years

* Railway infrastructure need Rs 50 lakh crore till 2030

* Target of USD 5 trillion economy in next few years is imminently achievable

* Public private parternship to be unleased to develop rail infrastructure

* Blueprint for a national gas grid, water grid, i-ways and airports to be unveiled

As world’s third largest aviation market, time ripe to enter aircraft financing and leasing from Indian shores: FM.

Schemes such as Bharat Mala, Sagarmala and UDAN are bridging rural urban divide and improving transport infrastructure: FM.

Indian economy was at USD 1.85 trillion five years back, reached USD 2.7 trillion now and within capacity to reach USD 5 trillion in next few years, says Finance Minister

We need to make structural reforms to achieve US dollar 5 trillion economy in next few years, says Sitharaman

Union Cabinet headed by Prime Minister Narendra Modi approves Budget for 2019-20.

Click here to read our live coverage of Budget 2019

Biopac India defaults loan repayment to Kotak Mahindra Bank

According to Reuters report, Biopac India Corp has defaulted payment of loan installment of principal amount of Rs 92 lakh and Rs 36 lakh towards interest to Kotak Mahindra Bank.

McLeod Russel shares hit record low; co defaults on repayment

Shares of tea manufacturer McLeod Russel India today fell as much as 4.8% to a record low of ₹12.95

Yes Bank on Thursday acquired 9.47% stake in Eveready Industries by way of invocation of shares pledged by the company. The acquisition followed the company defaulting on repayment of credit facilities sanctioned by Yes Bank.

The rating agency ICRA on Wednesday downgraded the McLeod’s credit rating for the long-term borrowing programme and short term rating.

The stock is on track for its fifth straight session of declines. As of last close, McLeod shares fell 89%, while peer Tata Global Beverages rose 23% during same period.

L&T Finance: Will fund infusion make it fertile?

Shares of L&T Finance Holdings will remain in focus, as its wholly-owned subsidiary L&T Finance will receive funds through external commercial borrowing.

The NBFC will receive $550 million from IFC, BNP Paribas, Citibank and DBS Bank. IFC, a member of the World Bank group, alone, will infuse $125 million.

The funds would be used by L&T Finance to expand its farm equipment finance book by extending loans to farmers for buying equipment and modernising farming.

Dollar steady as market braces for US jobs report

The dollar was steady on Friday as traders held off on making big bets ahead of the closely-watched US non-farm jobs report that could influence the course of near-term Federal Reserve policy.

The dollar index against a basket of six major currencies stood little changed 96.754, having spent the previous day in a tight range as the US financial markets were closed for the Independence Day holiday. Click here to read more

Rupee slips 20 paise in early trade

Rupee opening: The rupee opened on a weak note and declined by 20 paise to 68.70 against the US dollar in opening trade Friday, ahead of the presentation of the Union Budget.

Forex traders said rupee slipped marginally against the US dollar as market participants awaited cues from the Union Budget to be presented in the Parliament Friday.

The rupee opened weak at 68.55 at the interbank forex market and then fell further to 68.70, down 20 paise over its last close. Read more on the currency market here

Gold heads for the longest stretch of gains in 8 years

Gold is headed for the longest stretch of weekly gains since 2011 as investors count down to the release of a highly-anticipated U.S. jobs report that could provide clues on the Federal Reserves interest rate path.

Bullions higher for the seventh week as investors bet on looser policy from the central bank after signs of a slowdown. The non-farm payrolls data later Friday is projected to show a rise of 160,000 in June, and while that would up from 75,000 a month earlier, to be lower than the rise a year earlier. Read more here

Crude oil prices fall 1% on fears for global

Crude oil prices fell on Friday as concerns over the outlook for global economic growth outweighed elevated tensions in the Middle East that could disrupt supply routes and send prices higher. Read more here

Markets opening: The Indian equities opened green on Friday following Asian markets which were trading near two-month high. The US markets was closed on account of public holiday on Thursday.

At 9.17 am, The S&P BSE Sensex is trading 81 points higher to 39,989 while the Nifty50 is up 18 points at 11,964. Click here to read more

Broker's call: M&M (Buy)

Reliance Securities's take on Mahindra & Mahindra stock. Read more here

Broker's call: Essel Propack (Accumulate)

CD Equisearch's take on Essel Propack stock. Read more here

Sensex rises 17%, Nifty up 14.9% in 2018-19, says Economic Survey

The benchmark BSE Sensex rose by 17.3 per cent during the 2018-19 fiscal, the Economic Survey said on Thursday. During this period, the S&P BSE Sensex closed at its highest level of 38,897 points on August 28 last year and the lowest level at 33,019 points on April 4, 2018, according to the survey tabled in Parliament. “The Sensex closed at 38,673 on March 31, 2019, witnessing an increase of 17.3 per cent from its closing value of 32,969 as on March 31, 2018,” it said. Read more on the insight here

Today's Pick - Greenply Industries (₹172.8): Buy

The stock of Greenply Industries gained 3.7 per cent accompanied by above average volume breaking above a key resistance at ₹169 on Thursday. Investors with a short-term perspective can buy the stock at current levels. Click here to read the technicals

Day Trading Guide for July 5, 2019

Given below are supports and resistances for Nifty 50 futures and seven key stocks that can help in your intra-day trading:

₹2483 • HDFC Bank

₹733 • Infosys

₹277 • ITC

₹167 • ONGC

₹1283 • Reliance Ind.

₹367 • SBI

₹2242 • TCS

11979 • Nifty 50 Futures

S1, S2 : Support 1 & 2; R1, R2: Resistance 1 & 2.

Asian shares near 2-month high

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.

Trade in global markets is expected to remain subdued following the Independence Day U.S. public holiday on Thursday and ahead of the non-farm payrolls report.