Indian Stocks Gain After Budget as Banks Climb While ITC Slumps
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Indian stocks climbed for a second day in a volatile trading session as a rally in lenders countered a drop in consumer shares after Finance Minister Arun Jaitley proposed a cut in corporate tax rates in his first full-year budget.
Axis Bank Ltd. rallied the most since September 2013 and ICICI Bank Ltd. rose to a three-week high. ITC Ltd., India’s biggest tobacco company, plunged the most in seven years after Jaitley raised the excise tax on cigarettes. Sun Pharmaceutical Industries Ltd. advanced the most in five weeks.