Live Market Updates: Nifty below 5800; M&M, Tata Motors fall on excise duty hike

Moneycontrol Bureau

The market is still struggling to gain investors' confidence as the Finance Minister P Chidambaram announced some important duty hikes. The Sensex was down 69.63 points or 0.36% at 19082.78, and the Nifty fell 20.95 points or 0.36% at 5775.95. Get full Budget coverage: http://www.moneycontrol.com/budget2013/
However, auto stocks have given a thumbs down to FM’s excise duty hike. He has proposed to increase excise duty on SUV's from 27% to 30%. Meanwhile STT is reduced from 0.17% to 0.1%
Tata Motors was quoting at Rs 283.15, down Rs 2.85, or 1.00%. Mahindra and Mahindra lost 0.7%
The FM has increased excise duty on ITC increased by 18%. ITC has fallen 0.4%.