Budget 2016 India: Nifty hovers around 7050; IDBI rises 11% on Budget proposal

Moneycontrol Bureau
The Sensex is up 48.15 points or 0.2 percent at 23202.45 and the Nifty is up 23.05 points or 0.3 percent at 7052.80. About 1091 shares have advanced, 1199 shares declined, and 144 shares are unchanged.

ICICI Bank, Tata Steel, SBI, Reliance and Dr Reddy's Labs are top gainers while Maruti, ITC, Wipro, Cipla and Infosys are major losers.

Foreign companies can increase stake In local stock exchanges to 15 percent from 5 percent.

Here are few Budget proposals

FY17 Tax revenue seen at Rs 16.3 lakh croreFY17 corporate tax revenue seen at Rs 4.94 lakh croreFY17 corporate tax revenue seen at Rs 4.94 lakh croreFY17 Petroleum subsidy seen at Rs 26,900 cr FY17 Food subsidy seen at Rs 1.35 lakh crore April-Jan total spending at Rs 14.36 lakh croreFY17 total subsidy seen at Rs 2.5 lakh croreFY17 strategic stake sale seen at Rs 20,500 croreFY17 Divestment target at Rs 36,000 crore

Posted by Nasrin SultanaFollow @NasrinzStory