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.
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