Mumbai, Sept.23 : The effect of corporate tax cuts was also seen in the stock market on Monday. Sensex opened at 39,312.94, a gain of nearly 1300 points. The National Stock Exchange Nifty rose 276.60 points to 11550.80. Foreign institutional investors and domestic investors fiercely shopped.
However, there was a slight decrease in the
boom later. At 9.55 am the Sensex was trading at 38,703 points with an increase
of about 700 points. On the same side, the Nifty gained 216 points to reach
11,491.10. On Friday, the Sensex jumped 1921 points and closed at 38,014
levels.
Significantly, as soon as Finance Minister Nirmala Sitharaman announced a cut in corporate tax, the domestic market swelled on Friday. The market saw the biggest one day boom after a decade. Domestic Institutional Investors (DII) invested Rs 3,000 crore during the day-long trading session on Friday.
According to experts, the impact of this announcement on the stock market will remain for the next few weeks. This week is a derivatives expiry on Thursday, September 26, so the market may remain volatile. Apart from this, all the news related to the US-China trade war will also be watched.
