The effect of Corporate tax cuts was also seen in the stock market on Monday. Sensex opened at 39,312.94, a gain of nearly 1300 points. The National Stock Exchange Nifty rose 276.60 points to 11550.80. Foreign institutional investors and domestic investors fiercely shopped.
However, there was a slight decrease in the boom later. At 9.55 am the Sensex was trading at 38,703 points with an increase of about 700 points. On the same side, the Nifty gained 216 points to reach 11,491.10. On Friday, the Sensex jumped 1921 points and closed at 38,014 levels.
Significantly, as soon as Finance Minister Nirmala Sitharaman announced a cut in corporate tax, the domestic market swelled on Friday. The market saw the biggest one day boom after a decade. Domestic Institutional Investors (DII) invested Rs 3,000 crore during the day-long trading session on Friday.
According to experts, the impact of this announcement on the stock market will remain for the next few weeks. This week is a derivatives expiry on Thursday, September 26, so the market may remain volatile. Apart from this, all the news related to the US-China trade war will also be watched.
On Friday, Finance Minister Nirmala Sitharaman was again confronted to give a boost to the dormant economy. This time the Finance Minister made many big announcements for the corporate sector. Its stock market was overwhelmingly welcomed. The government's booster dose led to the biggest gain in the history of the stock market during trading. During the trading, the one-time index saw a gain of over 2250 points. At the end of trading, the SENSEX has jumped 1921 points and closed at 38,014 level. At the same time, the Nifty also rose by 569 points to 11,274.
History's biggest gain
After the press conference of Nirmala Sitharaman, the stock market gained momentum, it set a new record. In fact, during the trading on Friday, at one time, the Sensex was seen to be trading with an increase of over 2250 points, while the Nifty also recorded an increase of more than 650 points. Earlier on May 18, 2009, the Sensex had gained 2,110 points. Then the market celebrated the then UPA government's return to power once again.
