The stock market gained momentum on the last trading day of the week with Finance Minister Nirmala Sitharaman announcing a cut in corporate tax and no surcharge on capital gains. Finance Minister Nirmala Sitharaman on Friday delivered a major tax bonanza to domestic businesses and manufacturing firms, lowering corporate tax rates to one of the lowest levels in Southeast Asia and allowing new manufacturers to avail minimum corporate tax at 15 per cent. Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually, which means a $20 billion booster to an economy
With the announcement of corporate tax cut and not to impose surcharge on capital gains by Finance Minister Nirmala Sitharaman, the share market gained momentum on the last trading day of the week. Lee The stock market rally started from around 11 am till the end of the trading session. With this, the SENSEX recorded another name in its name. During the trading session at around 2.20 pm, the Sensex broke all previous records and gained 2284.55 points. This is the biggest jump in a day so far.
1809 stock strength in the atmosphere
However, after some time the stock market saw a slight decline and at the end of the trading session, the Sensex climbed 1,921.15 to close at 38014.62 level. The Nifty also saw a record rise on Friday and closed at a level of 11274.20 with a jump of 569.4 points. This is the biggest gain in one day of Nifty in the last 10 years. In the entire trading session, a total of 1809 shares closed, 726 stocks fell and 134 stocks closed at the end of the trading session without any change.
6 percent surge
If you talk about the statistics of the strong jump of 6 percent recorded during the trading session in the Sensex, then this is the biggest jump so far. Earlier on May 18, 2009, the stock market had jumped 2,110 points. At that time the stock market welcomed the return of the then UPA government to power.
Record rise in these stocks
During the trading on Friday, shares of companies related to auto, bank, metal, infra, FMCG, forma and energy were recorded. Eicher Motors, Hero MotoCorp, IndusInd Back, Ultratech Cement and Maruti Suzuki gained the most in the Nifty. The power grid, Infosys, TCS and NTPC declined.
According to data from the Bombay Stock Exchange (BSE), the stock market started climbing after the announcement made by the Finance Minister. Market capitalization reached Rs 143.45 lakh crore shortly after the enthusiasm of investors. It was Rs 138.54 lakh crore at the end of the trading session here on Thursday. That is, during one hour, the investors have acquired about 5 lakh crore rupees.