D-St Buzz: SBI at record high after govt's 70K cr PSU Bank recap; oil & gas stocks tumble

The top gainers from the NSE include IndusInd Bank, Indiabulls Housing Finance, Bharti Infratel, Kotak Mahindra Bank and Bharti Airtel while the top losers are YES Bank, NTPC, Vedanta, TCS and Hindalco Industries.

Following the maiden Budget speech by new Finance Minister Nirmala Sitharaman, the Indian benchmark indices are at the low point of the day with Nifty down 85 points at 11,861 level while the Sensex plunged 255 points and is trading at 39,652 level.


Nifty Metal is down over 2 percent dragged by Hindalco Industries, Coal India, Jindal Steel and Power, SAIL and Vedanta which are down over 3 percent each followed by Tata Steel and NMDC.

Oil & gas are down after imposition of special additional excise duty on petrol & diesel. In the Union Budget 2019-2020, the government has proposed to put special additional excise duty of Re 1 per liter and road cess of Re 1 per liter on petrol and diesel.

The top losers are ONGC, BPCL, Indian Oil Corporation, and Reliance Industries.

Jewelry stocks fell 2-7 percent intraday on July 5 after the government increased import duty on gold and precious metals.

Titan Company dropped as much as 3.1 percent, Goldiam International 6.7 percent, Lypsa Gems 3 percent, PC Jeweller 4.84 percent, Renaissance Jewellery 2 percent, Thangamayil Jewellery 5.8 percent and Tribhovandas Bhimji Zaveri 6.4 percent.

Finance Minister Nirmala Sitharaman in her Budget 2019 speech said the customs duty on gold and precious metals increased to 12.5 percent from an existing 10 percent.

However, PSU Bank index is outperforming after the Finance Minister in her Budget speech administered a booster shot to India’s beleaguered state-owned banks, setting aside Rs 70,000 crore that the government will inject additional capital into public sector banks.

The top gainers are Canara Bank, Bank of Baroda, State Bank of India, Punjab National Bank, Central Bank of India and Bank of India.

India VIX is down 3.10 percent and is trading at 13.11 levels.

The top gainers from the NSE include IndusInd Bank, Indiabulls Housing Finance, Bharti Infratel, Kotak Mahindra Bank and Bharti Airtel while the top losers are YES Bank, NTPC, Vedanta, TCS and Hindalco Industries.

The most active stocks are Indiabulls Housing Finance, YES Bank, ITC, State Bank of India and UPL.

Reflex Industries, Bharti Airtel, LIC Housing Finance, State Bank of India and Bajaj Finance have hit a new 52-week high on BSE.

On the other hand, 169 stocks have hit a 52-week low on BSE including YES Bank, KRBL, GM Breweries, Lumax Auto Tech, Sun TV Network, Eros Media, eClerx Services and PC Jeweller among others.

543 stocks advanced and 1167 declined while 379 remained unchanged on the NSE. On the BSE, 804 stocks advanced, 1459 declined and 155 remained unchanged.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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