Budget 2016 India: Sensex crumble, Nifty below 7000; ONGC tanks 9%, Maruti down

Moneycontrol Bureau

The market has started to crumble again. The Sensex is down 127.00 points or 0.5 percent at 23027.30, and the Nifty is down 37.30 points or 0.5 percent at 6992.45. About 1054 shares have advanced, 1315 shares declined, and 171 shares are unchanged.

ICICI, ITC, Lupin, Reliance and Dr Reddy's Labs are top gainers while ONGC, Maruti, Infosys, BHEL and Axis Bank are losers in the Sensex.

In a bid to popularise the ambitious Sovereign Gold Bond scheme, Finance Minister Arun Jaitley today proposed exempting such bonds from capital gains tax on redemption.

"It is proposed to provide that redemption by an individual of Sovereign Gold Bond issued by Reserve Bank of India under Sovereign Gold Bond Scheme, 2015 shall not be charged capital gains tax," he said in his Budget proposals. Additionally, long terms capital gains arising to any person on transfer of Sovereign Gold Bond would be eligible for indexation benefits.