Biznextindia : The Bull run, started after the announcement of Corporate tax cut by Finance Minister Nirmala Sitharaman last Friday, has continued on Monday also. The indices opened the week on a high due to heavy buying from FIIs and domestic investors.
At 09:17 hrs this morning, the BSE Sensex is up 909.18 points or 2.39% at 38923.80, and the Nifty up 276.60 points or 2.45% at 11550.80. However, later the indices erase the initial gains.
About 836 shares have advanced, 135 shares declined, and 30 shares are unchanged. While, Ashok Leyland, Colgate Palmolive, Indian Hotels are the major gainers, Reliance Capital, Dr.Reddy’s and Infosys are the top losers.
Market experts believe that the market will continue to respond the government’s announcement on corporate tax throughout the week. On Friday, the Finance Minister had announced reduction of corporate tax to 22% from 30% earlier and 15% for the new manufacturing units.