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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