Sensex and Nifty logged their biggest ever single day gains on Friday after Finance Minister Nirmala Sitharaman, in an unprecedented move, announced a massive tax relief for corporate India which fired up the stock markets.
At 2.38 pm on Friday, the Sensex was up over 6 per cent or 2,237.13 points at 38,330.60. The broader Nifty was up 668.05 points or 6.24 per cent at 11,372.85.
This was one of the biggest ever single day gains in the history of trading in India which came after Sitharaman announced a slash in the effective corporate tax rate to about 25 per cent from 30 per cent.
In tune with this, hashtag #Sensex started dominating Twitter trends and people online cheered the steep rise, and Sitharaman.
"Lady lady lady.....She is leading, manoeuvring, accelerating..... She is @nsitharaman Thanks a ton Ma'm for boosting the morale of entrepreneurs. Please do the same for Individuals so that we have more money in pockets to purchase. #corporatetaxcut," a user noted.
A few reactions were a quirky as they could get.
There were, however, several users who disapproved of the new announcements.
"You are hungry. You don't have money to buy atta or rice. So, to help you earn money to buy atta or rice, govt slashed the taxes of rice and flour mill owners. What an idea sir ji! #CorporateTaxCut," said a Twitter user.
"Reducing corporate Tax!!!Will it reduce common man burden also or Richer will get richer?? Definitely will reduce corporate Burden," wrote another.