Benchmark Indices post biggest ever single day gain after FM cuts corporate tax, MAT

It has been a great day for the corporates and the Indian equity markets. Finance Minister Niramala Sitharaman in her fourth press conference announced a cut in the corporate tax rate for domestic companies and new domestic manufacturing companies along with other fiscal relief measures to revive investments and boost the sagging economy. This decision has helped the benchmark indices BSE Sensex to rise by 2200 points and the NSE Nifty to zoom by more than 620 points.

Both the benchmark indices posted their biggest ever single day gain after the FM announced a cut in corporate tax, a long pending demand of India Inc. This surge in the stock market has helped investors to grow richer by Rs 6 lakh crore. The BSE Sensex has reclaimed 38,000 level and the Nifty 50 has risen to 11,300 levels on buying across the sectors.

Sectors such as auto and banking & financials, which were the most affected due to the slowdown saw the maximum buying.

The top five stocks that gained the most on NSE were Maruti which gained 12% and is trading at Rs. 6694.

Eicher Motors has risen by 11.61% and is trading at Rs. 17,581, Hero Motocorp has gained 11.28% and is trading at Rs. 2,824, IndusInd Bank gained 11.11% and is trading at Rs. 1,424 and SBI has risen by 10.69% to trade at Rs. 303.

On the BSE Sensex Edelweiss has risen by 17.96% and is trading at Rs. 123, NCC gained 15.88% and is trading at Rs. 59, BBTC has gained 14.93% and is trading at Rs. 1,257, Ashok Leyland gained 14.82% and is trading at Rs. 67 and Chola Fin has risen by 12.45% to trade at Rs. 296.

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