The Sensex and Nifty benchmark indices each ended 5.32% higher at 38,014.62 and 11,274.20 respectively Domestic stock markets skyrocketed on Friday with the Sensex index clocking its biggest single-day gain in more than a decade, after Finance Minister Nirmala Sitharaman announced a cut in corporate tax rate for companies.
The Sensex zoomed as much as 2,284.55 points to touch 38,378.02 during the session before settling with a gain of 1,921.15 points, hours after the Finance Minister said the effective corporate tax rate for companies will be 25.2 per cent including all additional levies.
That marked the largest single-day jump in the Sensex since May 18, 2009, when it had shot up 2,110.79 points.
Analysts say the reduction in corporate tax rate is a big positive for the markets.