Mid Session- Indices trade higher; Auto & Cement stocks gain
20/09/2019 12:33
The frontline benchmark indices have extended gains and are trading more than 5 per cent higher in the afternoon session on Friday. Sectoral indices are trading higher with auto, bank, energy, infra and metal trading more than 4 per cent.

Finance Minister, Nirmala Sitharaman made several announcements for the corporate sector. The minister announced sharp cuts in corporation tax among a series of announcements. Sitharaman said the total revenue forgone on account of today's measures would be Rs 1.45 trillion per year

Among others, the shares of automobile and cement companies rallied the most, gaining up to 16 per cent after Finance Minister Nirmala Sitharaman announced a cut in the corporate taxes as part of its fiscal measure to boost the flagging economy. Eicher Motors and Maruti Suzuki India surged 16 per cent and 11 per cent, respectively. Meanwhile, Mahindra & Mahindra (M&M), Ashok Leyland, TVS Motor, Escorts, Tata Motors and Bajaj Auto from the automobiles added between 5 per cent and 8 per cent.

At 12:24 hours, the SENSEX was trading at 37966.58 up by 1873.11 points or by 5.19 per cent and then NSE Nifty was at 11263 up by 558.2 points or by 5.21 per cent. The BSE Sensex touched intraday high of 38048.93 and intraday low of 36085.74 The NSE Nifty touched intraday high of 11270.2 and intraday low of 10691.

The top gainers of the BSE Sensex were IndusInd Bank Ltd. (Rs. 1428.60,+11.44%), Bajaj Finance Ltd. (Rs. 3698.00,+9.97%), Maruti Suzuki India Ltd. (Rs. 6498.95,+9.44%), State Bank of India (Rs. 296.25,+8.10%), ICICI Bank Ltd. (Rs. 417.20,+7.93%), among others.

The top losers of the BSE Sensex were Tata Consultancy Services Ltd. (Rs. 2094.25,-0.38%), Mahindra & Mahindra Ltd. (Rs. 700.95,-0.36%), among others.

Among sectors, Auto index was at 16779.95 up by 1231.35 points or by 7.92%. Ashok Leyland Ltd. (Rs. 66.35,+13.71%), Eicher Motors Ltd. (Rs. 17837.60,+13.19%), Bharat Forge Ltd. (Rs. 435.80,+10.61%), TVS Motor Company Ltd. (Rs. 411.65,+9.86%), Maruti Suzuki India Ltd. (Rs. 6498.95,+9.44%),.

On the flip side, TECk index was at 7663.27 down by 25.5 points or by 0.33%. Reliance Communications Ltd. (Rs. 0.85,-4.49%), Zee Entertainment Enterprises Ltd. (Rs. 295.50,-4.31%), Dish TV India Ltd. (Rs. 19.00,-3.55%), Tejas Networks Ltd. (Rs. 83.60,-1.36%), Larsen & Toubro Infotech Ltd. (Rs. 1541.00,-1.08%),.

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2460 , shares advanced were 1753 while 598 shares declined and 109 were unchanged.