Sensex, Nifty see profit booking: Infosys, L&T, ICICI Bank drag

The broader markets also turned lower with the BSE Midcap and Smallcap indices falling 0.3-0.5 percent. The market breadth was weak too as about two shares declined for every share rising on the Bombay Stock Exchange.

The government has rolled back its Budget decision to apply 1 percent tax on cash purchase of gold jewellery.

The jewellers had earlier been on a 45-day strike after Finance Minister Arun Jaitley in his Budget speech in February proposed 1 percent excise tax on non-silver jewellery.

Sensex-Nifty Future Tips-Sai Proficient
Sensex-Nifty Future Tips-Sai Proficient

Successive governments have struggled to curb appetite for gold in Asia’s third largest economy, despite the imposition of a 10 percent import duty in 2013 and other restrictions.

The government imposed an excise duty in 2012, but was forced to roll it back after jewellers went on a strike.

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