Sensex surges over 1700 points not yet closed and will reach higher at the end of the day
- by Aruna-Sriram
- Sep 20, 2019 19:00
Sensex jumped to 1700 points after Finance Minister Nirmala Sitharaman announced the cut in the corporate tax rate for domestic companies. Sensex index rose as much as 949.12 points to 37,042.59 in early deals, and the broader NSE Nifty index climbed to 10,932.50, up 227.7 points from the previous close.
Finance Minister Nirmala Sitharaman said the government has decided to lower the corporate tax rate on domestic companies and new manufacturing firms. It will be helpful for the investor to look for good investment this time as Sensex has risen. Sensex and Nifty log biggest 1 day gain in 10 years after-tax rate cut.
The Govt will forgo 1.45 Cr/year on the reduction of corporate tax and other measures. The moves will follow GDP growth touching 6 years low of 5% in the April-June period of FY20. This will truly transform INDIA and a local investor can have the same tax term as FPI. No surcharge on equity capital gains for individuals, HUFs.