Mumbai: After Finance Minister Nirmala Sitharaman announced a cut in the corporate tax rate for domestic companies, the stock market witnessed huge jump.
Sensex gained up to 1,955 points to 38,048, whereas Nifty gained 530 points to 11,269 level. Previously, the market witnessed such hike on May 18, 2009, and today Sensex surpassed previous one-day gain of 2,110.79 points.
In a major booster to the market, Finance Minister Nirmala Sitharaman slashed Rupee to to 25.17 per cent inclusive of all cess and surcharges for domestic companies.
Maruti, M&M, HDFC Bank, Tata Motors, Yes Bank, Tata Steel, L&T, ICICI Bank, Bajaj Auto and RIL were among the top gainers in Sensex pack rising up to 9 per cent.
On the currency front, following the Finance Minister’s announcement, the Indian rupee appreciated 66 paise to 70.68 against the US dollar.
To Listen Finance Minister’s tax booster News click on the player button.