After remaining sideways for the first four days’, the market gave three cheers for the government announcement of the corporate tax cut on September 20.
On Friday, the Sensex surged 1,921.15 points or 5.32 percent at 38,014.62, while Nifty gained 569.40 points or 5.32 percent at 11,274.20, the biggest single-session gains in the last 10 years.
On September 20, Finance Minister Nirmala Sitharaman slashed corporate tax rate to 25 percent from 35 percent with exception and scrapped minimum alternative tax (MAT) for domestic companies and new
domestic manufacturing companies.
Finance Minister also re-called the additional surcharge on capital gains by foreign portfolio investors (FPIs) and buyback tax on listed firms.
On the global front, the resumption of trade talks between US and China also boosted the investors' sentiments.
Last week, the Sensex added 629.63 points (up 1.7 percent) to end at 38,014.62, while Nifty rose 198.3 points (up 1.8 percent ) at 11,274.2
On a weekly basis, the Rupee ended marginally lower at 70.94 on September 20 against the September 13 closing of 70.91.
The S&P BSE Midcap index surged 3.3 percent and S&P BSE Largecap Index added 1.89 percent, while the Smallcap Index was up 1.47 percent last week.
On the BSE, HDFC Bank added the most in terms of market value, followed by HUL and Reliance Industries. On the other, TCS lost the most in terms of market value.
The Nifty FMCG index outperformed the sectoral indices with a gain of 4.3 percent during the week.
Disclaimer: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
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