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Nifty, Sensex Clock Best Day In 10 Years After Corporate Tax Cut: Highlights

Corporate tax rate cut, market updates: Gains across sectors - led by banking, auto metal shares - pushed the benchmark indices higher.

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Nifty, Sensex Clock Best Day In 10 Years After Corporate Tax Cut: Highlights

Sensex, Nifty today: Gains across sectors, led by financial and auto shares, pushed the indices higher

Domestic stock markets notched their best day in more than a decade after Finance Minister Nirmala Sitharaman announced cuts in corporate tax rates. The S&P BSE Sensex index rocketed as much as 2284.55 points to touch 38,378.02 during the session, marking its biggest intraday jump since May 18, 2009, and the broader NSE Nifty benchmark added 677.1 points to 11,381.90 in intraday trade. Both the benchmark indices jumped 6.33 per cent during the session. Gains across sectors - led by banking, auto metal shares - pushed the benchmark indices higher. The Finance Minister said the effective corporate tax rate would be lowered to 25.2 per cent, and scrapped the minimum alternative tax for domestic companies. Analysts say the reduction in corporate tax rate is a big positive for the markets. The new tax structure is effective from April 1, 2019, and new companies formed from October 1 will attract a base tax rate of 15 per cent, instead of 30 per cent, Nirmala Sitharaman said. Analysts said that the measures to lower the corporate tax outgo on domestic companies boosted investors' sentiment.

Here are the highlights of the movement in domestic share markets (Sensex and Nifty) on September 20:




Sep 20, 2019
17:08 (IST)
Corporate Tax Announcements "Biggest Event Of The Week"
"The biggest event of the week was the cut in corporate tax rates as announced by the Finance Minister," said Shibani Kurian, senior vice president and head of equity research at Kotak Mahindra Asset Management Company."With these big bang announcements, the government has provided a direct stimulus via a reduction in corporate tax rate from 30 per cent to 22 per cent (34.9 per cent lowered to 25.2 per cent including surcharge)."
Sep 20, 2019
17:06 (IST)
Nifty Logs Weekly Gain Of 1.8%
With the massive gain on Friday, both benchmark indices finished the week higher. The S&P BSE Sensex index added a total 629.63 points this week whereas the broader Nifty benchmark moved up 198.30 points. That meant a weekly gain of 1.68 per cent for the Sensex and 1.79 per cent for the Nifty. 
Sep 20, 2019
16:51 (IST)
Banking, Auto Stocks Lead Gains
All but one in the 11 sectoral indices on the National Stock Exchange (NSE) ended higher, with auto, banking and metal shares leading the gains. 

NSE Sectoral Movement

StockChange
Nifty Auto+9.90%
Nifty Bank+8.31%
Nifty Private Bank+8.27%
Nifty Financial Services+7.15%
Nifty PSU Bank+6.94%
Nifty Metal+5.68%
Nifty Fast-Moving Consumer Goods+4.41%
Nifty Realty+3.88%
Nifty Media+3.37%
Nifty Pharma+2.36%
Nifty IT-0.20%
Sep 20, 2019
16:49 (IST)
Eicher Motors, Hero MotoCorp, IndusInd Bank, SBI Jump Over 10%
Forty four stocks on the 50-scrip index ended higher, with Eicher Motors, Hero MotoCorp, IndusInd Bank, Bajaj Finance, Maruti Suzuki and SBI ending at double-digit percentage gains.

Top Nifty Gainers/Losers


StockChange
Eicher Motors+13.38%
Hero MotoCorp+12.34%
IndusInd Bank+10.94%
Bajaj Finance+10.59%
Maruti Suzuki India+10.54%
SBI+10.11%
UltraTech Cement+9.92%
Britannia+9.72%
Titan+9.26%
Mahindra & Mahindra+9.19%
NTPC-1.52%
TCS-1.57%
Infosys-1.63%
Power Grid-2.68%
Zee Entertainment-2.87%

Sep 20, 2019
16:40 (IST)
Sensex, Nifty End At Highest Levels In Nearly Two Months
The S&P BSE Sensex ended 1,921.15 points - or 5.32 per cent - higher at 38,014.62 -- its highest closing recorded since July. The broader NSE Nifty benchmark ended at 11,274.20, up 569.40 points - or 5.32 per cent - from the previous close. 

Sep 20, 2019
13:50 (IST)
Companies Not Seeking Exemptions Not Required To Pay MAT

Here are highlights of some major tax announcements by Finance Minister Nirmala Sitharaman for domestic companies:


  • Corporate tax rate cut for companies not seeking any exemptions
  • Such companies not required to pay Minimum Alternate Tax (MAT)
  • For other companies, MAT reduced to 15% from 18.5%
  • Effective tax rate to be 25.17% including surcharge and cess
  • Fresh investment by new domestic firm incorporated by October 1 to attract 15% tax under certain conditions
  • Such companies need to start production before March 31, 2023

Sep 20, 2019
13:43 (IST)
Sensex, Nifty Hit Nearly Two-Month Highs
The S&P BSE Sensex index soared as much as 1,960.53 points to touch 38,054.00 in afternoon, its highest intraday level recorded since July 25. The broader NSE Nifty benchmark climbed 581.55 points to an intraday high of 11,286.35, its highest since July 29. 
Analysts said that the measures to lower the corporate tax outgo on domestic companies pushed the markets higher. 
Sep 20, 2019
13:37 (IST)
Government Announces Corporate Tax Rate Cut
Finance Minister Nirmala Sitharaman announced a slew of measures on Friday to revive sagging investment in the economy, including a cut in corporate taxes. The Finance Minister said the effective corporate tax rate will be lowered to 25.17 per cent from 30 per cent, which would be at par with Asian peers.
The government also scrapped the minimum alternative tax for domestic companies.
Sep 20, 2019
10:36 (IST)
Government Announces Loan Fairs In 400 Districts To Push Lending
In a bid to boost lending, the government on Thursday asked public sector banks to hold loan fairs in 400 districts to lend to desirable shadow banks and retail borrowers. The "loan melas" will be held in two tranches beginning October 3 to approve loans to any retail or non-banking financial company, Finance Minister Nirmala Sitharaman said, after meeting with chiefs of public sector banks.  
Camps in 200 districts will be held between October 3 and October 7, the Finance Minister said on Twitter this morning. 

Sep 20, 2019
10:03 (IST)
The Nifty Bank sectoral index - comprising shares in 12 major banks - rose as much as 0.78 per cent in the first hour of trade, a day after closing 1.53 per cent lower amid a broad-based selloff in the markets. 
Prominent gainers included Yes Bank, HDFC Bank and Kotak Mahindra Bank, up 2.22 per cent, 1.57 per cent and 1.15 per cent at one time. 
Sep 20, 2019
09:59 (IST)
Sensex Opens Over 120 Points Higher, Nifty Starts Session At 10,747
The S&P BSE Sensex index opened 121.45 points higher at 36,214.92, and the broader NSE Nifty started at the session at 10,746.80, up 42.00 points from the previous close. 
Sep 20, 2019
09:08 (IST)
Sensex, Nifty Rise In Pre-Opening Session
The S&P BSE Sensex index was up as much as 171.66 points to 36,265.13 in the pre-opening session. At 9:06 am, the Sensex was up 86.89 points - or 0.24 per cent - at 36,180.36 while the broader NSE Nifty benchmark was at 10,751.75, up 46.95 points - or 0.44 per cent - from the previous close. 

Sep 20, 2019
09:06 (IST)
A Slew Of Measures Over Past Few Weeks. What Next?
The government has in the past four weeks announced a number of measures aimed at reviving the economy, which grew at the slowest pace in six years in the quarter ended June. A number of measures - from the rollback of higher taxes on foreign investors to a mega bank merger plan - have been announced to push consumption and investments.
Sep 20, 2019
09:05 (IST)
GST Council To Meet For 37th Time Today
The 37th meeting of the GST Council will be held in Goa today. Finance Minister Nirmala Sitharaman will address a press conference at 10 am. The government is committed to supporting small businesses without compromising prudential lending, the Finance Minister said in morning.


Sep 20, 2019
09:02 (IST)
Asian Shares Inch Higher

Equities in other Asian markets inched higher, with MSCI's broadest index of Asia-Pacific shares outside Japan rising 0.08 per cent early on Friday. The index was on course to post its first weekly loss in five. Japan's Nikkei rose 0.34 per cent to come within striking distance of its year-to-date peak. 

Asian shares have been lagging global peers in recent months.




Sep 20, 2019
09:00 (IST)
SGX Nifty Futures Indicate Positive Opening For Domestic Markets
At 8:52 am, the SGX Nifty futures on the Singapore Exchange were up 28.00 points - or 0.26 per cent - at 10,732.50. The SGX Nifty futures are an early indicator of the National Stock Exchange (NSE) Nifty in India. 
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