Indian stocks fall as federal budget disappoints

MUMBAI: Indian stocks fell for a second day in a row after the government unveiled a budget for the 2012/13 fiscal year that was seen as too modest for a corporate sector looking for more concessions.

Oil explorers such as Oil & Natural Gas, Oil India and Cairn India were among the leading decliners after the budget proposed raising cess on crude oil to 4,500 rupees per tonne from 2,500 rupees per tonne.

The main 30-share BSE index provisionally fell 1.3 percent. The 50-share Nifty index fell a provisional 1.2 percent.