Shares of cigarette makers Godfrey Phillips, VST Industries and NTC Industries fell on February 1 after Finance Minister Nirmala Sithraman in her Budget 2023 speech announced a hike in duty on cigarettes by 16 percent.
"National Calamity Contingent Duty (NCCD) on specified cigarettes was last revised three years ago. This is proposed to be revised upwards by about 16 percent," the FM said in her Budget speech.
Shares of ITC, however, ended almost 3 percent higher.
Equity benchmarks the Sensex and the Nifty ended mixed on February 1 after Finance Minister Nirmala Sitharaman presented Union Budget for the financial year 2023-23 in Parliament.
Sensex closed 158 points, or 0.27 percent, higher at 59,708.08 while the Nifty ended at 17,616.30, down 46 points, or 0.26 percent.
BSE Midcap index fell 0.96 percent while the Smallcap index suffered a loss of 1.10 percent.
The overall market capitalisation of BSE-listed firms dropped to ₹266.6 lakh crore from ₹270.2 lakh crore in the previous session, making investors poorer by ₹3.6 lakh crore in a single session.
Barring Nifty FMCG (up 1.13 percent) and IT (up 0.93 percent), all indices ended in the red on NSE, with the Nifty PSU Bank suffering a loss of 5.68 percent and Nifty Metal index falling 4.50 percent.
Nifty Media (down 2.70 percent) and Nifty Oil & Gas (down 2.03 percent) also suffered significant losses.
Follow our live blog on Budget 2023
Follow the entire Budget coverage here
The FM also announced an increase in FY24 capital investment outlay by 33 percent to ₹10 lakh crore. Besides, the PM Awas Yojana outlay was hiked by 66 percent to ₹79,000 crore in Budget 2023-24.
