Closing Bell: FM’s tax relief kickstarts party on D-Street; Sensex up 1,921 pts, Nifty closes above 11,250

Sep 20, 04:23 PM (IST)
Ajit Mishra Vice President, Research, Religare Broking:

It turned out to be a historic session for equity markets as Nifty gained over 5% and surpassed its critical hurdles to settle above 11,250. Participants rejoiced the announcements made by the FM to boost the economy and market sentiments, wherein sharp cut on the corporate taxes turned out to be the catalyst. All the sectoral indices, barring IT, traded in line with the benchmark index and posted exceptional gains wherein auto and banking topped the gainer’s list.

Sep 20, 04:08 PM (IST)
Rupee Update: The Indian rupee has erased some of its intraday gains but trading higher by 30 paise at 71.02 per dollar. However, it rose to 70.67 after Finance Minister Nirmala Sitharaman announced several measures to promote investment and growth.

Sep 20, 03:46 PM (IST)
Indian government’s decision to cut corporate tax credit is positive, which is likely to boost Indian companies net income: Moody’s

Sep 20, 03:34 PM (IST)
Market close: It was a blockbuster day for the Indian indices as Sensex and Nifty registered a biggest single session gain in the last 10 years after Finance minister slashed corporate tax rate to 25 percent from 35 percent.

At close, the Sensex was up 1,921.15 points or 5.32% at 38,014.62, while Nifty was up 569.40 points or 5.32% at 11,274.20. About 1823 shares have advanced, 739 shares declined, and 137 shares are unchanged.

Eicher Motors, Hero MotoCorp, IndusInd Bank, UltraTech Cement and Maruti Suzuki were among major gainers on the Nifty, while losers were Power Grid, Zee Entertainment, Infosys, TCS and NTPC.

All the sectoral indices ended in the green led by the auto, bank, metal, infra, FMCG, pharma and energy. BSE midcap rallied over 6 percent, while smallcap index was up 4 percent.

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