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Last Updated : Sep 20, 2019 11:29 AM IST | Source: Moneycontrol.com

D-Street Buzz: FM's booster shot propels autos & banking index 4-5%; HUL hits new 52-week high

The most active stocks were YES Bank, Zee Entertainment, HDFC Bank, Maruti Suzuki and Reliance Industries.

Sandip Das @Im_Sandip1

The Indian equity market has zoomed over 3 percent with Sensex zooming 1249 points while the Nifty spiked 356 points after Finance Minister Nirmala Sitharaman proposed to slash corporate tax for domestic companies and new domestic manufacturing companies.

The Finance Minister said that ordinance for cutting tax rate has been passed and corporate tax rate will be 22 percent without exemptions, adding effective corporate tax rate after surcharge will be 25.17 percent.

To attract investment in manufacturing, local companies incorporated after October 2019 will pay tax at 15 percent, FM said, adding effective tax for new companies shall be 17.01 percent, including cess & surcharge.

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Companies enjoying tax holidays can avail concessional rates after exemption period and the government will be giving Minimum alternate tax (MAT) relief for those opting to continue paying surcharge & cess, she said, adding MAT reduced to 15 percent from 18.5 percent for companies continue to avail exemptions & incentives.

The banking and the Auto index jumped 4-5 percent each. The top gainers from the banking space included HDFC Bank, RBL Bank and YES Bank which jumped over 4 percent each followed by ICICI Bank, Kotak Mahindra Bank and IndusInd Bank.

The top auto gainers included Eicher Motors which zoomed 10 percent followed by Maruti Suzuki and Mahindra & Mahindra which spiked 7 percent. The other gainers include Ashok Leyland, Hero MotoCorp, Tata Motors, TVS Motor Company, Bajaj Auto and Bharat Forge.

India VIX was down 2.51 percent and is trading at 15.16.

The top Nifty50 gainers include Maruti Suzuki, HDFC Bank, Tata Steel, Indiabulls Housing Finance and Eicher Motors while the top loser is Zee Entertainment.


The most active stocks were YES Bank, Zee Entertainment, HDFC Bank, Maruti Suzuki and Reliance Industries.

Among the Nifty50 names, 47 stocks advanced while 3 declined.

87 stocks have hit upper circuit including names like Reliance Naval, Tata Communications, IIFL Wealth, Eros International, Punj Lloyd, Atlas Cycles, Indiabulls Integrated Services, Igarashi Motors and Jindal Poly Investments among others.

Hindustan Unilever, Dabur India, Alembic, IIFL Wealth Management Ltd. and Colgate Palmolive have hit new 52-week high on the NSE.

Stocks which are moving the most with respect to volumes include YES Bank, Vodafone Idea, Dish TV, Zee Entertainment, Ashok Leyland, Tata Motors, Bank of Baroda, SAIL, State Bank of India, ICICI Bank, JSPL, ITC and Axis Bank among others.

Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.

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First Published on Sep 20, 2019 11:29 am
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