New Delhi: As soon as the announcement of Finance Minister Nirmala Sitharaman announced the reduction in corporate tax and capital gains tax surcharge, the stock market rose. The BSE Sensex gained up to 2,280 points at 2.20 pm. However, it is now trading above the 38,200 level with a strength of about 2200 points.
The Sensex has seen a tremendous jump of around 6% in just one day. In terms of historical data, this is the biggest jump in the stock market in just one day. Earlier on May 18, 2009, the market had jumped by 2,110 points. The Sensex gained over 1,921.15 points to end at 38,014.62 and the Nifty closed at 11,200.
The market celebrated the then UPA government's return to power once again. Now the market has made this leap in celebration of concession to corporate sector and foreign portfolio investors. This boom on the last trading day of the week can be even higher till the market closes. Not only this, the Nifty has also risen by more than 500 points.