Sensex, Nifty today: The SGX Nifty futures were last seen trading 1.27% higher on the Singapore ExchangeDomestic stock markets started Monday's session sharply higher, shrugging off weakness in Asian peers and extending gains to a second straight day after the government decided to cut the corporate tax rates.
The S-P BSE Sensex index rose as much as 1,331.39 points to 39,346.01 in early trade, and the broader NSE Nifty benchmark moved to 11,666.35, up 392.15 points from the previous close.
Gains across sectors expect IT and pharma - led by banking, auto and consumer goods shares - pushed the markets higher.
At 9:21 am, the Sensex traded 1,045.98 points - or 2.75 per cent - higher at 39,060.60, while the Nifty was up 295.45 points - or 2.62 per cent - at 11,569.65.
Top percentage gainers on the 50-scrip index at the time were ITC, Larsen - Toubro, IndusInd Bank, Britannia, ICICI Bank and Asian Paints, trading between 5.07 per cent and 8.28 per cent higher.
Last Friday, the S-P BSE Sensex index had surged 1921.15 points - or 5.32 per cent - to end at 38,014.62, in its best single-day gain in past 10 years.Advance-Decline Ratio Favours GainsMarket breadth favoured gains, with an advance-decline ratio of nearly 3:1.
On the Bombay Stock Exchange (BSE), 1,376 stocks traded higher while 552 moved lower.
On the National Stock Exchange (NSE), 1,212 shares advanced while 457 declined.Sensex, Nifty Off Day's HighsThe markets gave up some of the gains in the first hour of trade.
At 10:11 am, the Sensex traded 777.87 points - or 2.05 per cent - higher at 38,792.49, while the Nifty was up 238.50 points - or 2.12 per cent - at 11,512.70.The Nifty Bank, Auto and FMCG sectoral indices on the NSE were up 3.60 per cent, 1.72 per cent and 4.98 per cent at the time.
On the other hand, the Nifty IT and Pharma indices were down 2.37 per cent and 1.31 per cent respectively.ITC, Britannia, L-T, HDFC Bank Top GainersAt 9:21 am, the S-P BSE Sensex index traded 1,045.98 points - or 2.75 per cent - higher at 39,060.60, while the broader NSE Nifty benchmark was at 11,569.65, up 295.45 points - or 2.62 per cent - from the previous close.Top percentage gainers on the 50-scrip index at the time were ITC, Larsen - Toubro, IndusInd Bank, Britannia, ICICI Bank and Asian Paints, trading between 5.07 per cent and 8.28 per cent higher.
HDFC Bank, ITC, Larsen - Toubro and ICICI Bank contributed the most to the surge in Sensex."Mega Bull Run Starting": IDBI Capital's AK Prabhakar"A mega bull market is starting now on the back of the reforms of the century for India I don't think we will be looking back anytime soon," AK Prabhakar, head of research at IDBI Capital, told TheIndianSubcontinent.
"ITC has got a triple bonus, in the form of the ban on e-cigarettes, the cut in corporate taxes and the reduction in GST on hotel room tariffs.Sensex, Nifty Open Sharply HigherThe S-P BSE Sensex opened 829.38 points - or 2.18 per cent - higher at 38,844.00 , while the broader NSE Nifty benchmark started the session at 11,542.70, up 268.5 points - or 2.38 per cent - from the previous close.Sensex, Nifty Rise In Pre-Open MarketThe S-P BSE Sensex index moved up as much as 752.52 points to 38,767.14in the pre-opening session.
At 9:07 am, the Sensex was up 831.68 points - or 2.19 per cent - at 38,846.30while the broader Nifty benchmark was at 11,543.60, up 269.40 points - or 2.39per cent - from the previous close.Corporate Tax Cut Sent Positive Message Not Just In India: Nirmala SitharamanFinance Minister Nirmala Sitharaman said on Twitter that the government's move on corporate tax has sent a positive message "not just in India" but around the globe.On Friday, the GST Council decided to more than double the tax on caffeinated beverages to 40 per cent while lowering the tax rate applicable to hotel room tariffs.
Finance Minister Nirmala Sitharaman said the GST on caffeinated beverages was hiked to 28 per cent plus additional cess of 12 per cent as against the existing rate of 18 per cent.For hotels, she announced nil tax for those with tariffs of up to Rs.
1,000 per night.
Hotels charging Rs.
1,001 to Rs.
7,500 per night room tariff would be levied with 12 per cent tax as against the existing 18 per cent.Asian Markets Down Amid Renewed Concerns About US-China Trade WarEquities in other Asian markets moved lower, with MSCI's broadest index of Asia Pacific shares except Japan last seen trading 0.49 per cent lower.
Last Friday on Wall Street, shares fell after a Chinese agriculture delegation cancelled a planned visit to Montana, dampening optimism about US-China trade talks.
The Dow Jones Industrial Average fell 0.59 per cent, the S-P 500 lost 0.49 per cent and the Nasdaq Composite dropped 0.8 per cent.Last Friday, the S-P BSE Sensex index had surged 1,921.15 points - or 5.32 per cent - to end at 38,014.62, in its best single-day gain in past 10 years.Sensex, Nifty Likely To Open Higher TodayDomestic stock markets are likely to start on a positive note on Monday.
At8:28 am, the SGX Nifty futures were up 144.00 points - or 1.27 per cent - higher at11,484.00 on the Singapore Exchange.
The SGX Nifty futures trading on the Singapore Exchange are an early indicator of the National Stock Exchange (NSE) Nifty in India.