Union Budget 2016-17: Sensex plunges over 300 pts, Nifty below 6050; IT & bank losers

Moneycontrol BureauThere is no respite in selling pressure in the market as FM Arun Jaitley continues his Budget speech. The Sensex is down 316.63 points or 1.4 percent at 22837.67 and the Nifty down 95.70 points or 1.4 percent at 6934.05. About 764 shares have advanced, 1388 shares declined, and 135 shares are unchanged.

M&M is up 2 percent.

Here are few Budget proposals

To adhere to fiscal deficit target of FY17 Fiscal deficit target at 3.5%15.3% increase in plan expenditureNon-plan expenditure at Rs 14.28 lk cr2.5% revenue deficit target for FY16 versus budgeted estimates of 2.8%To do away with plan & non-plan classification from FY18New companies will not be allowed to seek any exemption New manufacturing companies after March 1, 2016 to be taxed at 25% plus cess and surchargeAccelerated depreciation limited for research and development to 150% from FY18Accelerated depreciation limited to 40% from FY18Raise personal I-T house rent exemption to Rs 60,000 from Rs 24,000/yr

Posted by Nasrin SultanaFollow @NasrinzStory