Equity benchmark indices extended rally in the morning trade after Finance Minister Nirmala Sitharaman proposed to slash corporate tax for domestic companies and new domestic manufacturing companies. All sectoral indices rallied after FM announced cut in the corporate tax rate.
On the economy front, FM said that to attract investment in manufacturing, local companies incorporated after October 1, 2019, will pay tax at 15%, adding effective tax for new companies shall be 17.01%, including cess & surcharge.
The Sensex is up 830 points and the Nifty up 262 points at 10,967. About 1044 shares have advanced, 601 shares declined, and 468 shares are unchanged.
The Indian currency opened higher in by 12 paise at 71.20 against US Dollar. The yield on the 10-year bond was at 6.587% compared with its previous close of 6.64%.
, Reliance Industries
and ICICI Bank
among top gainers on the Sensex pack.
Shares of the oil marketing companies declined after Brent crude rose as much as 1% to $65.05 a barrel.
Shares of IIFL Securities
started off trade at Rs22 on the National Stock Exchange.