LIVE: Tobacco stocks slump as Jaitley hikes excise duty in Budget 2016

Finance Minister Arun Jaitley has started presenting his third budget in Parliament. Experts and trade analysts think that it's time for the Finance Minister to boost confidence in the market and to the investors. The market is expecting reforms.

Follow the LIVE updates from market:

Tax rebate on rent from rs 24,000 to Rs 60,000. Sobha Developers, Unitech, NBCC gained.

Markets at day's low. Sensex slumps 461 points to 22,693, Nifty50 by 142.

* Prices of tobacco product to go up as FM hikes excise duty by 10-15%. Shares of ITC, Godfrey Phillips and Golden Tobacco have cracked between 3 to-5.5 percent

*Markets extend losses. Nifty50 falls 43 points. S&P Sensex falls by 120 points.

* NIFTY, Sensex go down.

*Jaitley annoucnes comprehensive code and planning to deal with bankruptcy issue. SBI, PNB, Bank of Baroda, ICICI Bank, HDFC Bank go up by 4%

*Arun Jaitley Government announces to launch new health protection cover for senior citizen and family. Aurobindo Pharma, Opto and other pharma company's share go up

* Indian rupee weakened 12 paise to quote at 68.74 against the US dollar in early trade

* Analysts expecting corporate tax deductions

* SBI, Tata Steel, and ICICI Bank, are gainers while automobile sector companies Hero MotoCorp, Bajaj Auto, and Maruti are down

* Shares of cigarette brands are trading lower. Fears of a hike in excise duty. ITC, Godfrey Phillips and Golden Tobacco have slumped