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Rs 6.8-lakh crore bonanza for investors in 1 day
Investor wealth on Friday 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.
New Delhi: Investor wealth on Friday 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.
The bull market led the market capitalisation of the BSE-listed companies to soar Rs 6,82,938.6 crore to Rs 1,45,37,378.01 crore in single day.
"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.
This step, along with some other measures announced including the enhanced tax surcharge introduced in July 2019 to not apply to capital gains on sale of equity share which is subject to STT, would go a big way in restoring confidence in the Indian equity markets," said Shibani Kurian, senior vice-president and head of equity research, Kotak Mahindra Asset Management Company.
Religare Broking Ltd Vice-President (Research) Ajit Mishra said it turned out to be a historic session for equity markets as Nifty gained over 5 per cent.
Participants rejoiced the announcements made by the finance minister to boost the economy and market sentiments, wherein the cut in corporate tax turned out to be the catalyst.
The announcements came just in time as markets were reeling under tremendous pressure, citing weak domestic sentiments and not-so-encouraging global markets, Mishra added.
From the BSE 30-share basket, 25 scrips closed with hefty gains. On the BSE, 1,864 scrips advanced, while 728 declined and 144 remained unchanged.
