FRIDAY BLOCK BUSTER

                                       SENSEX ZOOMS 1,921 Points

Markets roared back to life on Friday, with the Sensex posting its biggest single-day jump in over a decade at 1,921 points and investors' wealth soaring by a staggering Rs 6.8 lakh crore, after the Finance Minister delivered a surprise cut in corporate tax rates. The 30-share BSE Sensex soared 2,284.55 points to a peak of 38,378.02 intra-day, before settling 1,921.15 points or 5.32 per cent higher at 38,014.62. Similarly, the broader NSE Nifty zoomed 569.40 points or 5.32 per cent to end at 11,274.20. This is the biggest jump recorded in last Decade on a single day. Corporate India given big Thumbs Up to Smt Sitaraman for the sops she announced today. With this package she erased her previous image of a Big Distroyer of Equity Market to a great Reformer of the Economy. Prime Minister Narendra Modi also hailed the package as unpresidented one which give big boost to Make in India. RBI Governor also hailed act as a Bold one. She earned big complements from all corporates. The announcements came just in time as markets were reeling under tremendous pressure, citing weak domestic sentiments and not-so-encouraging global markets, according to Analysts.

- Top gainers in the Sensex pack included Hero MotoCorp, Maruti, IndusInd Bank, Bajaj Finance, SBI, M&M, HDFC Bank, HUL and L&T, rallying up to 12.52 per cent.

- On the other hand, PowerGrid, Infosys, TCS, NTPC and Tech Mahindra ended in the red, losing up to 2.39 per cent.

- Sectorally, BSE auto, bankex, capital goods, consumer durables, finance, energy, oil and gas, metal and telecom indices rallied up to 9.85 per cent. Only IT and teck closed in the red, losing up to 1.09 per cent.

- The broader BSE midcap and smallcap indices followed the benchmarks, surging up to 6.28 per cent.

- During the week, Sensex gained 629.63 points or 1.68 per cent, while the Nifty advanced 198.30 points or 1.79 per cent.

Investors become rich by Rs 7 lakh cr

Investor wealth on Friday zoomed a whopping Rs 6.82 lakh crore in single day as equity markets rallied, with the Sensex skyrocketing 2,284 points in intra-day trade, following a slew of economy-boosting measures announced by Finance Minister Nirmala Sitharaman. The unpresidented bull market led the market capitalisation of the BSE-listed companies to soar Rs 6,82,938.6 crore to Rs 1,45,37,378.01 crore in single day. The market capitalisation of BSE-listed companies jumped to Rs 145,37,378 crore, from Rs 138,54,439 crore on Thursday. Cash-market equity turnover on BSE and NSE nearly tripled to nearly Rs 90,000 crore, while derivatives turnover also zoomed to about Rs 2.4 lakh crore.

These are the Tax Sops

Announcing the latest set of measures to jump-start flagging growth, Finance Minister Nirmala Sitharaman slashed the base corporate tax for existing companies to 22 per cent from 30 per cent; and for new manufacturing firms, incorporated after October 1, 2019, to 15 per cent from 25 per cent. Bulls took over the market soon after the announcements.

--------------------------------

"The new corporate tax reforms by the government is music to the investors' ears and will help to revive economic outlook in the coming quarters. FIIs now have a good reason to come back to India and this progressive step will stimulate consumption and ignite capex cycle. "Additionally, companies will get more elbow room to pass on benefits to customers, which in-turn will improve earnings visibility,"

- Vinod Nair, Head of Research, Geojit Financial Services.

"Today's measures, without exaggeration, have revived the sagging economic situation and has reinfused the 'Josh' amongst the corporate and capital market fraternity."

- Devang Mehta, Head - Equity Advisory, Centrum Wealth Management.