Investors become richer by nearly Rs 7 L cr in a day
Investor wealth zoomed a whopping Rs 6.82 lakh crore in single day as equity markets rallied, with the Sensex skyrocketing 2,284 points in intra-day trade, following a slew of economy-boosting measures announced by Finance Minister Nirmala Sitharaman.
"Today's measures, without exaggeration, have revived the sagging economic situation and has reinfused the "Josh" among the corporate and capital market fraternity. Apart from the benchmark indices correcting, it was more to do with the sentiment which was hitting new lows day after day. That seems to be dealt with by daring to cut corporate tax, which clearly has a positive impact on the earnings," Devang Mehta, head (equity advisory) of Centrum Wealth Management, said.
"The biggest event of the week was the cut in corporate tax rates as announced by the finance minister. This is a huge step in boosting the overall profitability of corporate India.
From the BSE 30-share basket, 25 scrips closed with hefty gains led by Hero MotoCorp, Maruti Suzuki India, IndusInd Bank, Bajaj Finance, State Bank of India and Mahindra & Mahindra and zoomed up to 12.52%.
On the BSE, 1,864 scrips advanced, while 728 declined and 144 remained unchanged.
Sectorally, the BSE auto, bankex, capital goods, consumer durables, finance, energy, oil and gas, metal and telecom indices rallied up to 9.85%.
In the broader market, the BSE Midcap and Smallcap indices also rose by up to 6.28%.