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MARKET WRAP: Indices post biggest 1-day gain in 10 yrs, Sensex up 1,921 pts

All that happened in markets today.

SI Reporter  | New Delhi 

EVENT HIGHLIGHTS

markets
It was a historic day for the equity on Friday as the frontline indices rallied over 5 per cent after Finance Minister Nirmala Sitharaman announced reduction in corporation tax. The FM announced that the effective corporate tax rate will be lowered to 25.75 per cent. READ MORE

Benchmark indices - S&P BSE Sensex and Nifty50 -- posted their biggest single-day gain in 10 years while the Nifty Bank and Nifty MidCap index posted the biggest-ever single-day gain. The market capitalisation of BSE-listed stocks saw an increase of nearly Rs 7 lakh crore. 

The benchmark S&P BSE Sensex added 1,921 points or 5.32 per cent to settle at 38,014.62, with Hero MotoCorp (up 13 per cent) being the top gainer and Power Grid Corporation (down over 2 per cent) the biggest loser.

On NSE, the Nifty50 index ended at 11,274 levels, up 569 points or 5.32 per cent, with 44 out of 50 constituents advancing and 6 ending in the red.

Volatility index India VIX dropped over 1 per cent to settle at 15.34 levels. 

In the broader market, the S&P BSE MidCap index gained 835 points or over 6 per cent to end at 14,120 and the S&P BSE SmallCap Index settled at 13,204.25, up 501 points or nearly 4 per cent. 

On the sectoral front, barring IT stocks, all the sectoral indices on the NSE ended in the green. The Nifty IT index settled 0.20 per cent lower at 15,491.05 levels. 

GLOBAL MARKETS

Asian share prices rose on Friday as economic stimulus around the world helped eased fears over slowing growth. MSCI’s broadest index of Asia-Pacific shares outside Japan rose 0.5 per cent though it was on course to post its first weekly decline in five. Japan’s Nikkei ended 0.2 per cent higher. In Europe, the pan-European Euro Stoxx 50 futures were down 0.1 per cent in early Friday trade, though the pan-European FTSEurofirst 300 index stood within sight of this year’s peak.

(With inputs from Reuters)

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