Equity indices jumped over 1,200 points after Finance Minister Nirmala Sitharaman announced slashing of corporate tax for local and domestic manufacturing companies on Friday morning.
A new provision to will be inserted in the Income Tax Act with effect from the fiscal year 2019-20 for the same, Sitharaman added. The Finance Minister was addressing the GST council when she made the announcement.
After the announcement, Sensex was up 1231.23 points to 37,324.70, while the National Stock Exchange (NSE) Nifty index was trading at 260.70 points higher at 10,965.50 at 11:20 AM IST.
All sectoral indices except for media were in the green at the NSE, Nifty Bank jumped by 2.86 per cent while auto by 2.74 per cent higher. Metal and Pharma sector also rose by 1.54 per cent and 0.94 per cent respectively.
Among stocks, HDFC bank, Eicher Motors Ltd, Yes Bank and Britannia were placed in gainers chart. However, Zee Entertainment lost by 10.26 per cent following reports that its promoter has been restricted from selling its stake in the media company.
(With inputs from ANI)