The effects of the Indian government’s announcement of revised corporate tax cuts continued on Monday as the Sensex gained over 1,400 points by the afternoon
Mumbai: The rally on D-Street resumed on Monday afternoon with heavy buying by foreign institutional investors (FIIs) and domestic traders after the government on Friday announced a rejig of corporate tax cuts to shore up investments and growth.
Equity indices also gained due to rationalisation of Goods and Services Tax for certain sectors. At 12:45am, the BSE S&P Sensex was up by 1,404 points or 3.7% at 39,417 while the Nifty 50 was 410 points higher at 11,684.
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At the National Stock Exchange, all sectoral indices except for IT and pharma were in the positive territory with Nifty FMCG gaining by 5.8%, private bank by 5.6%, financial service by 5.4% and auto by 3.2%.
Hotel stocks were up after the cut in corporate taxes and rationalisation of Goods and Services Tax (GST) rates. Lemon Tree Hotels gained by 13.7%, Indian Hotels by 8.6%, ITC by 8.3%, Hotel Leelaventure by 5.9% and Chalet Hotels by 2.9%.
Among others, the prominent winner was Indian engineering multinational Larsen & Toubro which edged higher by 9.3%. Bajaj Finserv, Bajaj Finance, IndusInd Bank and Asian Paints gained by over 8% while Adani Ports, Bharat Petroleum Corporation and ICICI Bank were up by more than 7% each.
However, IT scrips lost with Infosys down by 4.2%, Tata Consultancy Services by 3.2%, Wipro by 3% and Tech Mahindra by 1.9% each. (ANI)
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Last Updated Sep 23, 2019, 1:21 PM IST