Meanwhile, the Nifty was trading lower by 159.85 points or 1.45% at 10,857.05 with 47 components falling. Here's what he did: Raised I-T cap to Rs 2.5 lakh; cut tax rate on Rs 2.5-5 lakh bracket to 5%; reduced rebate for income up to Rs 3.5 lakh.
"Investors anxious that higher spending and the government's move to raise minimum support prices for crops could lead to higher retail prices at a time when consumer price inflation has already hit a 17-month high of 5.21 per cent, well above the Reserve Bank of India's target of 4 per cent", he added. The company had posted a consolidated net profit of Rs 976.82 crore in the year-ago quarter.
The Sensex fell 610.96 points, or 1.70% at the day's low of 35,295.70 in early afternoon trade, its lowest intraday level since 19 January 2018.
Maruti Suzuki India, Reliance Industries, Bharti Airtel, HPCL, Axis Bank, Indiabulls Housing Finance, GAIL, Bajaj Auto, Bajaj Finance and UltraTech Cement fell 4-6 percent in the Nifty pack.
GMR Infra (15.38% ) and Bombay Dyeing (13.41%) were other major losers on BSE.
Kohli smashes ton as India coast to big win
He said of the Kohli-Rahane partnership: "We tried everything but Virat and Rahane played really well and had all the answers". It had a huge bearing on the match as the hosts fell way short of 300, which captain Faf du Plessis had said was needed.
However, "better forecasts for tax collection, rural spending, GDP growth and job creation" will retain market sentiments, predicted Vinod Nair of Geojit Financial Services. "That is likely to be the thought process of institutional buyers too, but it is fair to expect some churning before FY 2019 starts". While the budget was being tabled, BSE market breadth was bearish with 1,676 declines and 897 advances. 125 stocks were unchanged. "European indices like FTSE 100, DAX and CAC 40 were trading in the red", added Jasani.
According to market observers, expectation of sops from the Union Budget, along with positive Asian markets and healthy buying in consumer durables, capital goods and banking stocks, lifted investors' risk-taking appetite.
Chartered accountants' apex body ICAI said LTCG tax may make stock investments less attractive.
They also say foreign investors will flock to countries like Singapore and Dubai, which do not tax long-term capital gains. After coming of long-term capital gains, some impact had to come.