Sensex Up Nearly 1,900 Points, Nifty Tops 11,250 After Corporate Tax Cut: 10 Things To Know

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Sensex Up Nearly 1,900 Points, Nifty Tops 11,250 After Corporate Tax Cut: 10 Things To Know

Top Nifty gainers were Tata Steel, Indiabulls Housing Finance, HDFC Bank and Yes Bank

Domestic stock markets registered sharp gains on Friday morning after Finance Minister Nirmala Sitharaman announced a cut in corporate tax rate for domestic companies and new manufacturing firms. The S&P BSE Sensex index soared as much as 1,897.00 points to 37,990.47, after the Finance Minister said that with the these changes, the effect tax rate for companies will be 25.2 per cent including all additional levies. The broader NSE Nifty benchmark index climbed to as much as 11,256.15 after the announcement, up 551.35 points from the previous close. Analysts say the reduction in corporate tax rate is a big positive for the markets.
Written by Anindita Ghosh