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Heavy selling pressure was observed in fast moving consumer goods (FMCG), capital goods, consumer durables, metal and power indices of the BSE.
Visa on arrival scheme is to be expanded to 150 countries from the current 43 countries.
Gitanjali Gems rose 5 per cent, Titan Company was up 0.9 per cent. Traders hope import duty on gold would be cut by 2 per cent in 2015/16.
Finance Minister Arun Jaitley raised excise duty on cigarettes by 25 per cent for cigarettes of length not exceeding 65 mm.
Traders cited speculation that government may increase allocations towards renewable energy and reduce taxes in the 2015-16 Budget as the reason for the surge.
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