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Sensex soars 1,900 pts, Nifty above 11,270
20-Sep-2019 (15:48)

Domestic shares surged on Friday after the government slashed the corporate tax rate to boost economic growth. The rally was led by banks, auto and metal stocks. The Nifty closed above 11,200 level for the first time since 26 July 2019.

Investors are keenly awaiting outcome of the 37th meeting of the Goods and Services Tax (GST) Council, which was scheduled to take place in Goa today.

The barometer index, the S&P BSE Sensex, rose 1921.15 points or 5.32% to 38,014.62, as per the provisional closing data. The Nifty 50 index rose 569.40 points or 5.32% to 11,274.20, as per the provisional closing data.

The market breadth favoured the bulls. On the BSE, 1862 shares rose and 730 shares fell. A total of 144 shares remain unchanged. The S&P BSE Small-Cap index rose 6.28%. The S&P BSE Mid-Cap index rose 3.94%.

In a press conference held in Goa today, the Finance Minister Nirmala Sitharaman announced a slew of measures in order to reduce the prevailing taxation rates in the country. The FM said that the new corporate tax rate will be 22% without exemptions. The effective corporate tax rate after surcharge will stand at 25.17%. To further attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15%, the FM added.

FM also announced that effective tax for new companies shall be 17.01%, including cess and surcharge. Companies enjoying tax holidays would be able to avail concessional rates post the exemption period.

FM further added that the Government will give MAT relief for those opting to continue paying surcharge and cess at 22%. MAT has been reduced to 15% from 18.5% for companies who continue to avail exemptions and incentives.

The government has also decided to not levy enhanced surcharge introduced in Budget on capital gain arising from sale of equity shares in a company liable for securities transaction tax (STT). To stabilise flow of funds into the capital market, enhanced surcharge under Finance (No.2) Act, 2019 will not apply on capital gains arising on sale of equity share in a company or a unit of an equity oriented fund or a unit of a business trust liable for STT. Higher surcharge will also not apply on capital gains on sale of security including derivatives held by foreign portfolio investors (FPIs). Listed companies that have announced buyback before 5 July 2019, tax on buyback of shares will not be charged.

Total revenue foregone for the reduction of taxes and other reliefs is estimated to be at Rs 1.45 lakh crore per year.

The government has decided to expand the scope of spending 2% profits on corporate social responsibility (CSR) to allow spending on incubators or research grants to institutes engaged in promoting science research.

Private sector banks rallied. RBL Bank (up 15.91%), IndusInd Bank (up 10.65%), HDFC Bank (up 8.73%), ICICI Bank (up 7.28%), Kotak Mahindra Bank (up 5.89%) and Yes Bank (up 2.95%) advanced.

The Nifty Private Bank index soared 8.27% at 16,050.75.

Axis Bank soared 6.65%. The bank informed about opening of the qualified institutions placement of equity shares of face value of Rs 2 each to qualified institutional buyers (QIB). The floor price in respect of the issue is Rs 661.50 per equity share. The announcement was made after market hours yesterday, 19 September 2019.

PSU Bank stocks posted strong gains. State Bank of India (up 10.20%), Oriental Bank of Commerce (up 9.08%), Bank of India (up 8.29%), Union Bank of India (up 6.76%), Bank of Baroda (up 6.03%), Punjab National Bank (up 5.81%), Syndicate Bank (up 3.93%) and Allahabad Bank (up 2.31%) advanced.

The Nifty PSU Bank index surged 6.94% at 2,522.85.

Auto stocks witnessed strong buying support. Ashok Leyland (up 20.05%), Eicher Motors (up 13.53%), TVS Motors Company (up 13.05%), Hero MotoCorp (up 12.41%), Maruti Suzuki India (up 10.64%), Mahindra and Mahindra (up 10.13%), Tata Motors (up 7.97%) and Bajaj Auto (up 6.63%) advanced. The S&P BSE Auto was up 9.73% at 17,060.81.

Metal stocks traded higher. Steel Authority of India (up 8.63%), Vedanta (up 7.92%), Jindal Steel & Power (up 7.87%), Tata Steel (up 7.32%), National Aluminium Company (up 4.7%), Hindustan Copper (up 4.53%), NMDC (up 3.21%), Hindustan Zinc (up 3.33%) and Hindalco Industries (up 2.99%) advanced.

The S&P BSE Metal was up 5.86% at 9,317.86.

IT shares lagged the broader rally as rupee edged higher against the greenback. Infosys (down 1.57%), TCS (down 1.53%) and Tech Mahindra (down 0.54%) declined.

In the foreign exchange market, the rupee edged higher against the dollar. The partially convertible rupee was hovering at 71.07, compared with its close of 71.34 during the previous trading session.

Zee Entertainment Enterprises (ZEE) tumbled 2.77% to Rs 300.25 today. Media reports suggested that a Delhi High Court-appointed arbitrator asked Essel Group chairman Subhash Chandra not to sell his unpledged stake in ZEE till next month in an ongoing dispute with Indiabulls Housing Finance over default in repayment of loans worth Rs 200 crore. Reports further added that promoters of the Essel Group, which owns ZEE, had entered into an agreement with mutual funds, getting time till 30 September to repay debt. This agreement prevented the funds from selling the shares held as collateral.

Overseas, most European stocks declined Friday. In UK, investors keenly await the ruling from the Supreme Court judgement to be released sometime next week, to understand the potential outcome for Brexit. The British Supreme Court's 11- membered judge's panel have also been tasked to adjudicate whether the government had acted lawfully in suspending the Parliament on being challenged by the opposition parties.

The Eurozone Consumer Confidence data for the month of September will be available at about 3:00 PM London time.

Asian stocks ended higher on Friday as economic stimulus around the world eased fears of economic deceleration. On the trade front, Chinese and U.S. delegates are meeting Thursday and Friday ahead of higher-level meetings expected early October to resolve the yearlong trade dispute.

U.S. stocks closed near unchanged Thursday, giving up early gains scored following better-than-expected housing and manufacturing data a day after the second interest rate cut of 2019 by the Federal Reserve.

Sensex, Nifty tank amid broad based selling
19-Sep-2019 (15:39)
Nifty holds 10,800; VIX cools off
18-Sep-2019 (15:39)
Sensex drops 650 points; Nifty below 10850
17-Sep-2019 (15:40)
Shares tumble as oil prices jump
16-Sep-2019 (15:37)
Sensex jumps 300 pts; Nifty above 11,000
13-Sep-2019 (15:35)
Nifty settles below 11000; auto stocks tumble
12-Sep-2019 (15:37)
Shares end with modest rise
11-Sep-2019 (15:35)
Nifty closes above 11,000
09-Sep-2019 (15:36)
Market jumps on positive global cues
06-Sep-2019 (15:36)
Nifty ends with tiny losses
05-Sep-2019 (15:32)
Market snaps two-day fall
04-Sep-2019 (15:32)
Nifty closes below 10,800 mark
03-Sep-2019 (15:39)
Market snaps 2-day losing streak
30-Aug-2019 (15:35)
Market slides for 2nd straight day
29-Aug-2019 (15:32)
Market snaps 3-day winning streak
28-Aug-2019 (15:40)
Market rises for 3rd straight day
27-Aug-2019 (15:38)
Market spurts on Govt's steps to boost economy
26-Aug-2019 (15:37)
Benchmarks snap three-day losing streak
23-Aug-2019 (15:40)
Nifty ends below 10,800
22-Aug-2019 (15:41)
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