Modi’s Surgical Strike on Market : Sensex logged in its biggest gains
Today turn out to be a Fantastic Friday for India stock
markets as both indices (Sensex / NIFTY) has gained over 5% in a single day.
Finance Minister Mrs Nirmala Sitharaman, has announced Mega
stimulus package worth Rs 1.45 Lakh Crores. Government gifted corporate India
with a tax cut and also scrapped increased surcharge.
Today’s gain have made investors richer by Rs 7 lakh Crore
The benchmark S&P BSE Sensex rose by 1,921 points or
5.32 % to close at 38,014.62 while Nifty50 index ended at 11,274 levels or up
by 5.32 per cent
Prime Minister Shri Naredra Modi has lauded this move in a
twit.
He said,
"The step to cut corporate tax is historic.
It will give a great stimulus to #MakeInIndia, attract private investment from
across the globe, improve competitiveness of our private sector, create more
jobs and result in a win-win for 130 crore Indians."
Here are top takeaway from today’s spectacular rally in
stock markets
- Star sectors of today’s trade were Banking and Auto stocks with Nifty Bank index rising 8% and Nifty Auto index surging 10%.
- Basic corporate tax rates have been slashed to 22% from current 30% while for new manufacturing companies incorporated on or after 1st October 2019 (and that start production before March 2023) tax rate are even lower at 15%.
- The government also announced a rollback of enhanced surcharge on capital gains arising on sale of any securities including derivatives in the hands of foreign portfolio investors or FPI
- Minimum Alternate Tax has been abolished
- Government has rolled back 20% tax on Share buyback which it has announced in budget
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