MARKET WRAP: Indices post biggest 1-day gain in 10 yrs, Sensex up 1,921 pts

All that happened in markets today.

4:09 PM

SECTOR WATCH | Nifty IT index ends in the red

4:08 PM

MARKET AT CLOSE | Gainers and losers on the S&P BSE Sensex

3:40 PM

CLOSING BELL

The S&P BSE Sensex zoomed 1,921 points or 5.32 per cent to end at 38,014.62 while NSE's Nifty50 ended at 11,274.20, up 569 points or 5.32 per cent.

3:22 PM

ALERT | Market cap gain of Rs 6.85 trillion on sharpest single-day rally by benchmark indices

3:06 PM

Glenmark Pharma hits 52-week low in a strong market

2:52 PM

Market check | Sensex trims some gains

2:51 PM

Shaktikanta Das expects growth to pick up from Q2 on govt spending

Reserve Bank governor Shaktikanta Das on Friday exuded confidence that second-quarter GDP numbers will be better than the previous one as the government has started spending again.

 

Attributing the 5 per cent GDP growth in Q1, which is a six-year low and is even lower than that of Pakistans 5.4 per cent, to very low government spending, Das said with the centre opening its coffers again growth should pick up going forward. READ FULL REPORT

RBI Governor Shaktikanta Das

2:46 PM

FM's tax cuts: Prospects of higher govt borrowings spook bond market

The bond yields soared on tax cut announcements by the Union Finance Minister on concerns that fiscal deficit would not likely get contained at 3.3 per cent of the gross domestic product (GDP), and may prompt the government to borrow extra in the later part of this fiscal.

 

The rupee, however, strengthened sharply following cues from the stock market.

 

The yields on the 10-year bond, rose to 6.82 per cent at 12:45 p.m., while the rupee was trading at 70.98 a dollar. The yields had closed at 6.64 per cent on Thursday, while the rupee had closed at 71.32 a dollar. Sensex was trading at 37,901.03 points, up 1,800.56 points. READ MORE

2:42 PM

SECTOR WATCH | IT stocks slip

2:41 PM

NEWS ALERT | Aviation Ministry asks IndiGo to reduce PLF by around 20% on Delhi-Istanbul flight: sources to CNBC TV18

-- To reuce passenger count from 186 to 157 on A320, and from 222 to 173 on A321

Alert: PLF is passenger load factor

       : IndiGo forgot to carry luggage on Delhi-Istanbul flight on Sept 15

2:40 PM

MARKET CHECK

2:37 PM

EXPERT COMMENT :: Dr Suresh Surana, Founder of RSM Astute

The 'Make In India' initiative is set to get a major boost due to the new tax rate of 15 per cent which allows any new domestic company incorporated on or after October 1, 2019 making fresh investment in manufacturing and which start operations on or before March 31, 2023, an option to pay income tax at the rate of 15 per cent. Given the trade war between the US and China and the large Indian domestic market, several multinational companies are looking at alternative manufacturing locations and this move comes at an opportune time to promote India as a manufacturing hub.

2:30 PM

Expert Comment :: Rusmik Oza, Head of Fundamental Research, Kotak Securities

The announcements made by the Finance Minister is very positive for the economy, corporates and stock market. The series of announcement made is most positive for corporates paying full tax. The effective tax after surcharges and cess will come down from ~33% to 25.17%. Companies which want to avail of the lower tax rate will have to forgo exemptions.

Any company paying 33% tax rate will see its earning go up by 12%. Overall, we can see Nifty earnings going up by ~5-6% in FY20 as the effective tax rate was already lower at 26%. Companies paying more than 30% effective tax rate will see upside of anywhere between 12-20% based on the changes in earnings estimate

2:25 PM

EXPERT COMMENT :: Vishal Kampani, MD, JM Financial Group

"The bold and positive move to rationalise the corporate tax structure will kick-start the next big economic upcycle. The new tax rates will help boost corporate earnings during the current fiscal which will lead to the revival of the consumption story. The government has already ensured adequate liquidity to NBFCs, HFCs.  These steps will facilitate higher economic expansion which will lead to higher tax revenue to meet its fiscal targets. The fiscal stimulus combined with the likely wealth effect from a buoyant stock market will take India closer to its dream of a US$5 trillion economy."

2:20 PM

MARKET CHECK | Top losers on the BSE at this hour