Sensex posts biggest ever single day gain on FM's tax booster
20/09/2019 14:37
Indian benchmark Sensex has skyrocketed above 2000 points duirng the late noon trading session with the historic reform announced by our FM .

In a major booster to the market, the government has decided to not levy the enhanced surcharge introduced in the Budget on capital gain arising on sale of equity shares in a companies liable for securities transaction tax.

Also, the super-rich tax will not to apply on capital gains from sale of any security including derivatives in hands of foreign portfolio investors.

In another relief, the minister said listed companies which have announced buyback of shares prior to July 5 will not be charged with super rich tax.

The government has also slashed corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.

Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually.

This, she said, is being done to promote investment and growth.

At 14:30 hours, the 30-share benchmark index was trading at 38213.13 up by 2119.66 points or by 5.87 % and then NSE Nifty was at 11360.1 up by 655.3 points or by 6.12 %.

Sensex touched intraday high of 38378.02 and intraday low of 36085.74 The NSE Nifty touched intraday high of 11362.55 and intraday low of 10691

The top gainers of the BSE Sensex pack were Hero MotoCorp Ltd. (Rs. 2891.05,+14.16%), Maruti Suzuki India Ltd. (Rs. 6772.60,+14.05%), IndusInd Bank Ltd. (Rs. 1432.00,+11.70%), Bajaj Finance Ltd. (Rs. 3705.60,+10.19%), State Bank of India (Rs. 301.00,+9.83%), among others.

The top losers of the BSE Sensex pack were NTPC Ltd. (Rs. 118.95,-2.30%), Tata Consultancy Services Ltd. (Rs. 2074.15,-1.33%), Infosys Ltd. (Rs. 813.90,-0.86%), Power Grid Corporation of India Ltd. (Rs. 200.00,-0.57%), Mahindra & Mahindra Ltd. (Rs. 700.15,-0.47%), among others.

Auto index was at 17224.87 up by 1676.27 points or by 10.78%. Ashok Leyland Ltd. (Rs. 67.15,+15.08%), Hero MotoCorp Ltd. (Rs. 2891.05,+14.16%), Maruti Suzuki India Ltd. (Rs. 6772.60,+14.05%), Motherson Sumi Systems Ltd. (Rs. 117.95,+13.30%), TVS Motor Company Ltd. (Rs. 421.35,+12.45%),.

IT index was at 15652.22 down by -98.5 points or by -0.63%. Quick Heal Technologies Ltd. (Rs. 135.55,-4.20%), 3i Infotech Ltd. (Rs. 2.09,-2.79%), 8K Miles Software Services Ltd. (Rs. 60.30,-1.79%), Larsen & Toubro Infotech Ltd. (Rs. 1531.15,-1.71%), MosChip Technologies Ltd. (Rs. 14.28,-1.52%)

The Market breadth, indicating the overall strength of the market, was weak. On BSE out of total shares traded 2828 , shares advanced were 1896 while 750 shares declined and 182 were unchanged.