Bull run continues on D-Street
Mumbai, September 23
Market benchmark BSE Sensex skyrocketed by 1,075 points to close at more than two-month high on Monday, extending its bull run for a second straight day on the back of gains in financial, banking and FMCG stocks after the tax booster by the government.
The broader NSE Nifty zoomed by 326 points or 2.89% to end at a two-month of 11,600.20 with 32 of its constituents closing with gains.
Brokers said the trading at the National Stock Exchange was marred by some glitch mainly in the closing session for 10 minutes. Brokers suffered disruption from 1515hrs to 1529 hours.
The 30-share Sensex soared over 1,426 points in day trade before closing higher by 1,075.41 points or 2.8% at 39,090.03, a level not seen since July 17.
In the two-day rally, Sensex posted its biggest two-day gains of 2,996.56 points or 8.30%, while the 50-share Nifty soared 895.40 points or 8.36%.
Bulls took over Dalal Street on Friday after Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates. Sensex logged its biggest single-day jump in over a decade by surging 1,921.15 points or 5.32% while Nifty zoomed 569.40 points or 5.32% on that day.
“Markets for the second day in a row, after the historic decision to cut corporate tax, witnessed a stellar rally. A lot of buoyancy has come from the fact that these measures will boost the profitability of a number of companies, which will either be used to stimulate demand by lowering prices, payouts to shareholders in the form of dividends or using it for capital expenditure,” Devang Mehta, Head - Equity Advisory, Centrum Wealth Man — PTI