Stock mkt more polarised after tax cut; 91% of gains cornered by 13 firms

RIL, HDFC Bank account for 32.4% of total BSE 500 m-cap gains since the cut in tax; 91% of gains cornered by 13 firms

The stock market, which has long been polarised between a handful of top-performing large-cap stocks and the rest of the market, has become even more lopsided after the cut in the corporation tax rate, announced on the morning of September 20, during market hours.

The bulk of the gains in market capitalisation after the reduction in the rate has accrued to a handful of companies constituting the BSE 500 index, while more than half — 254 of 501 — have lost market capitalisation in the past two weeks since the tax cut.

The combined m-cap of the BSE 500 companies