Markets extend rally for 3rd day; Sensex, Nifty open in green

Markets extended Monday's gain with the BSE Sensex opening over 200 points and touching 39,167 in early trade. The Nifty also hit a high of 11,650 points.

The top gainers in the early trade were Maruti Suzuki, Reliance Industries and ONGC.

On Monday, both the domestic equity indices had jumped above 2.80 per cent. While the BSE Sensex soared to 39,090.03, the NSE Nifty closed 326.00 points or 2.89 percent higher at 11,600.20.

The major gainers in the Sensex pack on Monday were Bajaj Finance, L&T, Asian Paint, ITC, Axis Bank, Kotak Bank, ICICI Bank, IndusInd Bank, HDFC Bank, Maruti and SBI. 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 investors sentiment has been buoyed by Finance Minister Nirmala Sitharaman's announcement on reduction of corporate tax and MAT rates.

The government had 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.