No tax on PPF withdrawal; only interest to be taxed in EPF: Govt

The government today has clarified that the popular public provident fund (PPF) scheme will continue to stay out of the tax ambit and that tax will be levied only on accrued interest on 60 percent of employee provident fund (EPF) contribution. This was confirmed by Revenue Secretary Hasmukh Adhia who spoke to PTI, a day after the Union Budget set the cat among the pigeons when the Finance Minister vaguely referred to tax being referred to PF schemes. Further, small salaried employees with up to Rs 15,000/month income will be kept out of purview of proposed taxation of EPF.

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The market rebounded sharply after the market priced in Union Budget 2016 in previous session. The Sensex rose 247.60 points or 1.08 percent to 23249.60 and the Nifty climbed 69.85 points or 1 percent to 7056.90, led by ITC. ITC rallied 6.46 percent post factoring in excise duty hike on cigarettes. ICICI Bank, Axis Bank, Infosys, SBI and PNB gained 1-3 percent while ONGC and Bharti Airtel fell more than 1 percent. 

Meanwhile, in a boost to the equity markets, The People's Bank of China (PBOC) said on its website on Monday that it cut its reserve requirement ratio, or the amount of cash that banks must hold as reserves, by 50 basis points.

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The S&P BSE Sensex surged over 300 points in morning trade on Tuesday led by gains in ITC, Infosys, ICICI Bank, Axis Bank, L&T. The Nifty50 reclaimed its crucial resistance level of 7,050 supported by gains in IT, oil & gas, metal, capital goods, banks, and auto stocks. 

Indian bonds and the rupee rallied on Monday after Finance Minister Arun Jaitley said the government would stick to its fiscal deficit target for 2016/17, raising expectations the Reserve Bank of India (RBI) may cut interest rates before its next policy review in April.The benchmark 10-year bond yield ended down 16 bps at 7.62 percent, after falling as much as 18 bps intraday, the lowest since Jan. 22. The 10-year benchmark bond yield posted its biggest single-day fall since June 8, 2015.

Budget 2016: Will review medium term fiscal framework, says govt

The FM hands over the mic to each of his ministry's top officials. Finance Secretary Ratan Watal talks tough, says the government will review the medium-term fiscal framework and adds that it will also take steps to ensure subsidy leakages are contained. The Finance Minister, along with the battery of officials from the Ministry, is addressing a press conference. The Sensex has closed 150 points lower, fair compared to the intra-day move. The total intra-day move was 849 points. Bank Nifty outperforms, closes up 1 percent. The Budget has laid down the highest ever allocation to the PM Gram Sadak Yojana, says Prime Minister Narendra Modi. "It will help in linking all villages with roads by 2019."

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Budget 2016: Jaitley faces tough task; has to please both farmers, investors

Finance Minister Arun Jaitley faces a tough task of balancing the needs of farm sector as well as the industry when he will present his third and challenging Budget on Monday as he seeks to garner resources to boost public spending for higher growth amid global headwinds. On the income tax front, the Budget may continue with the status quo on the tax slabs while it may tinker with the exemptions. Rising rural distress because of back-to-back droughts have put considerable pressure on the Finance Minister to spend more on social schemes, while at the same time he has to win back foreign investors craving for faster reforms.

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The Sensex is down 9.31 points at 23144.99 and the Nifty is down 6.05 points at 7023.70. About 720 shares have advanced, 656 shares declined, and 80 shares are unchanged. Aviation stocks like Jet Airways and SpiceJet are down 4-6 percent. According to CNBC-TV18, in best case scenario, the Nifty could make a move to 7250-7300. However, the big question will be if fresh selling emerges if Nifty goes to 7250. In worst case scenario, Nifty could break recent low of 6869, say CNBC-TV18 analyst.

Stock markets extends losses on the back of selling in FMCG, IT, auto and oil & gas stocks. The Sensex fell as much as 88 points to hit low of 23,066.41 and Nifty fell below its crucial psychological level of 7,000. The index declined 30 points to hit low of 6,999.30 ahead of Budget announcements.

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The domestic market is expected to trade in a range on Monday ahead of the Union Budget 2016, tracking positive trend seen in other Asian markets.In the pre-Budget session on Friday, Nifty bounced back and formed a higher top and higher bottom on the daily chart. If the index manages to rally above 7,250, then the bounce may take the index higher. 

Jaiprakash Associates gains 6.6 pct, UltraTech Cement up 2.2 pct.UltraTech on Sunday said it agreed to buy 12 cement plants from Jayprakash Associates for an enterprise value of 165 billion rupees ($2.4 billion).Deal has "long-term benefits" for UltraTech but could face legal hurdles from competition regulator.