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Markets extend rally for 2nd day; Sensex, Nifty open 2% higher

Investors sentiment were buoyed by Finance Minister Nirmala Sitharaman's announcement on reduction of corporate tax and MAT rates.

Markets extend rally for 2nd day; Sensex, Nifty open 2% higher

New Delhi: Markets extended Friday's gain with both equity indices opening 2 percent higher on Monday.

The BSE Sensex zoomed 832.75 points or 2.19 percent to 38,847.37 in early trade while the NSE Nifty jumped 254.20 points or 2.25 percent 11,528.40.

Investors sentiment were buoyed by Finance Minister Nirmala Sitharaman's announcement on reduction of corporate tax and MAT rates.

Major gainers in the Sensex pack were IndusInd Bank, Asian Paint, ITC, L&T, HUL, Bajaj Finance, Maruti, ONGC, ICICI Bank, Axis Bank, HDFC Bank and Kotak Bank, rising upto 7.64 percent. While major losers were RIL, Power grid, Tata Motors, NTPC, HCL, Tech Mahindra, TCS and Infosys, falling upto 3.71 percent.

The government on Friday announced that corporate tax rates will be slashed to 22% for domestic companies and 15% for new domestic manufacturing companies. The Government has brought in the Taxation Laws (Amendment) Ordinance 2019 to make certain amendments in the Income-tax Act 1961 and the Finance (No. 2) Act 2019.

In the previous session on Friday the BSE Sensex rose 1921.15 points or 5.32 percent at 38,014.62 while the NSE Nifty zoomed 569.40 points or 5.32 percent to 11,274.20.