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Markets cheer as Sensex zooms over 2000 points post Sitharaman's economy booster

The govt on Friday slashed corporate tax rates for companies by almost 10 per cent to 25.17 per cent to bring them at par with Asian rivals, as it looked to boost demand and investments.

India TV Business Desk India TV Business Desk
New Delhi Updated on: September 20, 2019 14:40 IST
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Image Source : PTI

Sensex jumps over 1800 points after Sitharaman announces tax cut

The share markets Friday pumped up soon after Finance Minister Nirmala Sitharaman announced slash in corporate tax to 25.17 per cent for domestic companies. The Sensex zoomed by over 2,000 points, at 38,019.66, while the Nifty surged by 262.5 points to 10,967. 

The domestic equity benchmark BSE Sensex had rebounded over 100 points in early session on Friday, driven by gains banking, auto and IT stocks amid positive domestic and global cues.

The 30-share index was trading 119.27 points, or 0.33 per cent, higher at 36,212.74 at 0930 hours, while the broader Nifty rose 23.90 points, or 0.22 per cent, to 10,728.70.

Battling a six-year low economic growth and a 45-year high unemployment rate, the government on Friday slashed corporate tax rates for companies by almost 10 per cent to 25.17 per cent to bring them at par with Asian rivals such as China and South Korea, as it looked to boost demand and investments.

Two-and-half-months after presenting her maiden Budget, that was hailed as "development-friendly" and "future-oriented", Finance Minister Nirmala Sitharaman on Friday announced fiscal measures that will cost the government Rs 1.45 lakh crore in revenue annually and may potentially derail the country's fiscal deficit roadmap.

In the previous session, the BSE barometer ended 470.41 points, or 1.29 per cent, lower at 36,093.47, while the Nifty plunged 135.85 points, or 1.25 per cent, to settle at 10,704.80.

Top gainers in the Sensex pack in early trade included Yes Bank, HDFC Bank, Maruti, Hero MotoCorp, Kotak Bank, HUL, M&M, Bajaj Auto and IndusInd Bank, rising up to 2.22 per cent.

Also Read | Government slashes corporate tax to 25.17 pc for domestic companies

Also Read | Government investing LIC money in loss-making firms, shattering people's trust: Priyanka Gandhi

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