Following the central government's recent move to slash corporate tax rates, domestic equity indices continued to rise on Monday, signalling a healthy gain in the market and cheering investor sentiments. At 11:20 AM, the BSE SENSEX index surged 1,126.85 points in early trade to stand at 39,141.47, while the NSE NIFTY 50 crossed the 11,600 mark, indicating a 339.35 point increase.
Equity indices surged by over 5 percent to record highs as Finance Minister Nirmala Sitharaman slashed corporate taxes and announced a Rs 1.45 lakh crore stimulus to shore up growth and investments.
The development came ahead of a crucial meeting of the Goods and Services Tax (GST) Council on whether or not to cut rates for sectors like automobile, tourism, FMCG and others which have witnessed slowdown due to economic slump.
Mumbai: Domestic equity benchmark BSE Sensex dropped over 200 points in early session on Thursday, dragged by losses in index heavyweights Yes Bank, TCS and Infosys, amid unabated foreign fund outflow and mixed global cues.
The 30-share index was trading 206.33 points, or 0.56 per cent, lower at 36,357.55 at 0930 hours, while the broader Nifty slipped 64.65 points, or 0.60 per cent, to 10,776.
A surge in the global crude prices on account of drone attacks on oil facilities at Saudi Arabia made investors in the equity market jittery on Monday with the benchmark Sensex shedding 900 points during the pre-open session.
Just minutes into the pre-open session, the index fell to 36,485, which was 900 points lower than Friday's close of 37,384.99.
The domestic equity market on Thursday snapped the five day winning streak as investors became cautious ahead of announcements of IIP data for July, retail inflation data for August and European Central Bank's policy meeting later in the day.
The S&P Sensex closed 166.54 points, or 0.45% lower at 37104.28 after falling 222.15 points intra-day. NSE Nifty 50 slipped below 11000-level as it closed 52.90 points, or 0.48% lower at 10982.80.
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