India VIX zoomed 6.43 percent and is trading at 16.39.
The Indian stock market is continuing its bull run after Finance Minister Nirmala Sitharaman proposed to slash corporate tax for domestic companies and new domestic manufacturing companies.
Benchmark indices have added 2 percent each with Sensex zooming 753 points while the Nifty spiked 224 points.
Nifty FMCG is the outperforming sector, jumping 5 percent after the government provided a direct stimulus of Rs 1.45 lakh crore via reduction in corporate tax rate from 30 percent to 22 percent with effective tax rate lowered from 34.9 percent to 25.2 percent (including surcharge and cess).
"FMCG companies will try to rev up volume growth through advertising and promotion rather than going for accelerated capex / higher working capital requirements," Joindre Capital Services said.
"Bajaj Consumer, Varun Beverages, GSK Consumer would be the biggest beneficiary as they are in the highest tax bracket of 33 percent. Further HUL would also benefit. Cigarette companies, at the highest tax bracket of 33 percent, would also see increase in earnings ahead," the brokerage added.
The top FMCG gainers included ITC and Hindustan Unilever which spiked 6-7 percent followed by United Breweries, United Spirits, Emami, Colgate Palmolive, Britannia Industries, GSK Consumer and Jubilant Foodworks.
Bank Nifty jumped over 3 percent led by HDFC Bank and ICICI Bank, up 3-4 percent each followed by IndusInd Bank, Kotak Mahindra Bank and RBL Bank.
However, defensive sectors like the Pharma and IT index are trading in the red. Nifty IT is down 2 percent dragged by Infosys which shed 3 percent followed by TCS, Wipro, Tech Mahindra and Oracle Financial Services.
From the pharma space, the top losers included Dr Reddy's Labs, Cipla, Lupin, Divis Labs and Cadila Healthcare.India VIX zoomed 6.43 percent and is trading at 16.39.
The top Nifty50 gainers include Asian Paints which spiked over 7 percent followed by ITC, Larsen & Toubro, Britannia Industries and Hindustan Unilever while the top loser are Dr Reddy's Labs, YES Bank, Tata Motors, Infosys and Power Grid.
The most active stocks were HDFC Bank, Axis Bank, ICICI Bank, Maruti Suzuki and ITC.
Among the Nifty50 names, 31 stocks advanced while 19 declined.
112 stocks have hit upper circuit including names like Indiabulls Integrated Services, Eros Media, 8K Miles Software, IIFL Wealth Management, Tata Communications, Camlin Fine Sciences, Mercator, Patel Engineering and Shilpa Medicare among others.73 stocks hit new 52-week high on BSE including Avenue Supermarts, Jubilant Food, Siemens, Asian Paints, Britannia Industries, Colgate Palmolive, Berger Paints, Hindustan Unilever, BPCL, GSK Consumer, HDFC Bank, ICICI Bank, Bajaj Finance, Kotak Mahindra Bank, Titan Company, Bata India and Nestle among others.The Great Diwali Discount!
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