Stock markets started Monday’s session sharply higher, shrugging off weakness in Asian peers and extending gains to a second straight day after the government decided to cut the corporate tax rates. The S&P BSE Sensex index rose as much as 1,331.39 points to 39,346.01 in early trade, and the broader NSE Nifty benchmark moved to 11,666.35, up 392.15 points from the previous close. Gains across sectors expect IT and pharma – led by banking, auto and consumer goods shares – pushed the markets higher. At 9:21 am, the Sensex traded 1,045.98 points – or 2.75 per cent – higher at 39,060.60, while the Nifty was up 295.45 points – or 2.62 per cent – at 11,569.65. Top percentage gainers on the 50-scrip index at the time were ITC, Larsen & Toubro, IndusInd Bank, Britannia, ICICI Bank and Asian Paints, trading between 5.07 per cent and 8.28 per cent higher.
Last Friday, the S&P BSE Sensex index had surged 1921.15 points – or 5.32 per cent – to end at 38,014.62, in its best single-day gain in past 10 years.
The Nifty Bank, Auto and FMCG sectoral indices on the NSE were up 3.60 per cent, 1.72 per cent and 4.98 per cent at the time. On the other hand, the Nifty IT and Pharma indices were down 2.37 per cent and 1.31 per cent respectively.ITC, Britannia, L&T, HDFC Bank Top Gainers.
At 9:21 am, the S&P BSE Sensex index traded 1,045.98 points – or 2.75 per cent – higher at 39,060.60, while the broader NSE Nifty benchmark was at 11,569.65, up 295.45 points – or 2.62 per cent – from the previous close. ITC, Britannia, L&T, HDFC Bank Top Gainers
Corporate Tax Cut Sent Positive Message “Not Just In India”: Nirmala Sitharaman
Finance Minister Nirmala Sitharaman said on Twitter that the government’s move on corporate tax has sent a positive message “not just in India” but around the globe. On Friday, the GST Council decided to more than double the tax on caffeinated beverages to 40 per cent while lowering the tax rate applicable to hotel room tariffs. Finance Minister Nirmala Sitharaman said the GST on caffeinated beverages was hiked to 28 per cent plus more cess of 12 per cent as against the existing rate of 18 per cent.
