Key Takeaways from the Budget, Crude Oil Prices, and Top Stocks in Action Today

Mon, 8 Jul Pre-Open

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On Friday, Indian share markets fell sharply after the Budget was announced and ended deep in the red.

The BSE Sensex closed lower by 395 points to end the day at 39,513. M&M and NTPC were among the top losers.

While the broader NSE Nifty ended down by 136 points to end at 11,811.

Among BSE sectoral indices, metal stocks fell the most by 3.9%, followed by realty stocks and power stocks.

Top Stocks in Action Today

Tata Motors share price will be in focus today as Jaguar Land Rover (JLR) has unveiled major investment plans to produce new electric car models in UK. Its new range of electrified vehicles will be built at its Castle Bromwich plant in the West Midlands region of England.

To know more about the company, you can read Tata Motors' 2018-19 Annual Report analysis on our website.

Yes Bank share price will also be in focus today as the private lender acquired over 9% shares of Eveready Industries by invoking pledged shares following loan default by a group company.

Meanwhile, Bank of Baroda has signed an agreement with CRISIL to assess the credit quality of its existing and prospective SME customers. Under the agreement, the rating agency will assess SMEs by processing and analyzing structured, unstructured and new data streams and share it with the bank.

Market participants will also track GMR Infra share price.

Reportedly, the company has signed a definitive agreement with Adani Power to sell its entire 47.6% stake in GMR Chhattisgarh Energy for an undisclosed amount.

Budget 2019 Highlights

Finance Minister Nirmala Sitharaman on Friday announced no changes in personal income tax rates, hikes excise duty on fuel, increased tax rate for super rich and provide additional tax relief for home loan holders.

On the taxes front, there's no change in personal income tax rates. There's increase in surcharge on super rich with 3% surcharge on Rs 2 crore income and 7% on Rs 5 crore and above.

Additional Rs 1.5 lakh tax relief is announced on home loans.

Here are some other key takeaways from the Budget 2019:

From US$ 1.85 trillion in 2014, the economy has reached US$ 2.7 trillion.

The Indian economy will grow to become a US$ 3 trillion economy in the current year itself.

India's FDI flows in 2018-19 remained strong at US$ 54.2 billion. This was 6% higher than last year.

The government proposed to allocate Rs 700 billion for PSU Bank recapitalisation.

Pension benefits will be offered to 30 million shop owners with annual turnover of less than Rs 15 million under new scheme called Pradhan Mantri Karamyogi Mandhan Scheme.

The project of Bharatmala will enhance road connectivity and Sagarmala will help port and waterways connectivity. These along with other such initiatives such as Udaan scheme will improve India's infrastructure and enable connectivity and bridge the rural and urban divide.

Enhanced disinvestment target of Rs 1,050 billion in FY20 as against Rs 900 billion set in the Interim Budget.

Multiple measures will be taken to deepen the corporate bond market, and there is also a proposal to increase minimum public shareholding in companies to 35% from 25%.

The government plans to allow FPIs to subscribe to listed debt papers of REITs and there is also a proposal to merge NRI portfolio route with FPI routes.

Nearly 19.5 million houses are proposed to be provided to eligible beneficiaries under the Pradhan Mantri Awas Yojana. Under Pradhan Mantri Gram Sadak Yojana, nearly 1,25,000 kms of roads will be upgraded at estimated cost of Rs 802 billion.

Liberalize FDI in aviation, media, animation and insurance intermediaries.

Ensuring farmers access to safe and adequate water is another important initiative the government will work towards.

Nirmala Sitharaman also said that our country is well within its capacity to become a US$5 trillion-dollar economy in the next five years.

Gold Continues Momentum

On Friday, Finance Minister proposed increase in import duty on gold and other precious metal to 12.5% from 10%, sending domestic gold prices sharply higher.

Gold futures contracts for August delivery, surged over 2% to Rs 34,931. Similarly, the October futures jumped over 2.2% to Rs 35,204.

The decision comes at a time when the domestic jewellery industry was demanding a cut in the import duty. India is one of the largest gold importers in the world, and the imports mainly take care of demand from the jewellery sector.

In global markets, gold prices edged lower as investors awaited the release of US jobs data, which could offer guidance on the US Federal Reserve's upcoming interest rate decisions.

To know more about gold and which are the best counters to trade in the commodities and currencies space, you can read one of Vijay Bhambwani's recent articles: Why Do I Recommend Trading Only Nickel, Crude oil, Gold, Copper, and USDINR?

Crude Oil Falls amid Weak Economic Indicators

On Friday, US benchmark crude prices fell on weak economic indicators while Brent oil ticked higher, supported by tensions over Iran and this week's decision by OPEC and its allies to extend a supply cut deal until next year.

In a sustained trade war between the US and China that dampened prospects of global economic growth and oil demand, representatives of both countries are resuming talks next week to resolve the deadlock.

The US Energy Information Administration on Wednesday reported a weekly decline of 1.1 million barrels in crude stocks, much smaller than the 5-million-barrel draw reported by the American Petroleum Institute earlier in the week.

Stay tuned for more updates from this space.

To know what's moving the Indian stock markets today, check out the most recent share market updates here.

For information on how to pick stocks that have the potential to deliver big returns, download our special report now!

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