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Markets extend rally for 2nd day; Sensex surges 1075 points, Nifty closes above 11,600

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 surges 1075 points, Nifty closes above 11,600

New Delhi: Markets extended rally for the 2nd day on Monday with both domestic equity indices jumping above 2.80 percent.

The BSE Sensex soared 1075.41 points or 2.83 percent to 39,090.03 while the NSE Nifty closed 326.00 points or 2.89 percent higher to close at 11,600.20.

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 Bajaj Finance, L&T, Asian Paint, ITC, Axis Bank, Kotak Bank, ICICI Bank, IndusInd Bank, HDFC Bank, Maruti and SBI, jumping upto 8.70 percent. However, shares of Infosys, Tata Motors, Powergrid, NTPC, Tech Mahindra, TCS, Bhati Airtel, HCL Tech, Heromoto Corp, Sun Pharma, RIL and M&M were major losers, falling upto 4.97 percent.

The Sensex saw a high of 39,441.12 and low of 38,674.04 intra-day while the Nifty swung between high and low of 11,694.85 and 11,471.35 respectively. In the last two sessions the Sensex has gained 2,996.56 points or 8.30 percent, while the Nifty has jumped 895.40 points or 8.36 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.