Sensex, Nifty fall after budget proposes higher taxes
MUMBAI (Reuters) - The Sensex and the Nifty fell on Thursday, erasing earlier gains, after the 2012/13 budget proposed increasing some corporate and individual taxes and after a securities transaction tax was lowered but not eliminated.
The rupee fell against the U.S. dollar, trading at 53.99/54.00 from levels of around 53.70 before the budget.
The Sensex was down 0.4 percent as of 12:39 p.m., after earlier gaining as much as 0.88 percent.
The Nifty fell 0.31 percent.
(Reporting by Abhishek Vishnoi; Editing by Rafael Nam)
- Tweet this
- Share this
- Digg this
- China building South China Sea island big enough for airstrip - report
- India approves $2.6 bln mounted gun purchase - official
- Islamic State kills at least 25 Iraqi tribesmen near Ramadi - officials
- U.S. plans to arm Iraq's Sunni tribesmen with AK-47s, RPGs, mortars
- Volunteer snow shovelers hit Buffalo streets as flooding fears rise |
Prime Minister Narendra Modi has a long list of pro-growth measures to implement over the next four months, but time may have already run out to breathe enough life into the economy to meet the tough 2014/15 fiscal deficit target without cuts. Article