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Increase in stock markets returned due to cut in corporate tax rates

Increase in stock markets returned due to cut in corporate tax rates

The stock markets witnessed strong growth on last trading Friday last week due to the government’s cut in corporate tax rates and withdrawal of surcharge on foreign portfolio investors and the Sensex broke the record of last ten years of intraday trading boom . Due to this discount, the Sensex and Nifty closed at the previous two months high. On a weekly basis, the Sensex gained 630 points to end at 38,015, while the Nifty gained 198 points to end at 11,274. The BSE midcap index gained 454.48 points to close at 14,120, while the smallcap index gained 191 points to close at 13,204.

The stock markets opened on Monday with the Sensex ending 261.68 points down at 37,123, while the Nifty closed down 72 points at 11,003. The domestic stock market fell sharply on Tuesday due to the rise in crude oil prices due to the attack on Saudi Arabian oil plants and the Sensex lost 642 points to close at 36,481, while the Nifty slipped by 186 points to 10,818.

The stock markets saw a strong surge on last trading Friday last week due to withdrawal of surcharge.

Increase in stock markets returned due to cut in corporate tax rates

Closed on The markets returned on Wednesday and the Sensex gained 83 points to close at 36,564 and the Nifty gained 23 points to close at 10,840.65. The market fell sharply on Thursday and the Sensex lost 470 points to close at 36,093. The Nifty closed down 136 points at 10,705.

On Friday, the Sensex gained 1921 points to close at 38,015 amid a corporate rate cut by Finance Minister Nirmala Sitharaman, while the Nifty closed at 11,274 with a jump of 569 points. Bajaj Finance, Asian Paints, Vedanta, HDFC Bank and Bharti Airtel were the leading gainers in the Sensex week. The major losers of the Sensex were Yes Bank, TCS, NTPC, Powergrid, Infosys and Sun Pharma.

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