Indian equity benchmarks clocked their biggest intraday gains in a decade as the government lowered corporate tax rate to spur growth and trigger jobs, BloombergQuint reported.
The S&P BSE Sensex surged 1,921.15 points to 38,014.62 and the NSE Nifty 50 jumped 569.40 points close at 11,3274.20. The broader markets represented by the NSE Nifty 500 Index surged 5.29 percent.
The Nifty is expected to reach 12,000 by Diwali as ‘fear’ turns to ‘greed’, according to Sanjiv Bhasin, executive vice president, IIFL Securities.
Major gainers on the NIfty were Eicher Motors, Hero MotoCorp, IndusInd Bank, UltraTech Cement and Maruti Suzuki, while losers were Power Grid, Zee Entertainment, Infosys, TCS and NTPC, according to Moneycontrol.
All the sectoral indices ended in the green led by the auto, bank, metal, infra, FMCG, pharma and energy. BSE midcap rallied over 6 percent, while smallcap index was up 4 percent.
(With inputs from BloombergQuint and Moneycontrol.)
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