Sensex Jumps 1,950 Points, Nifty Tops 11,250 After Corporate Tax Cut

Domestic stock markets registered sharp gains to nearly two-month highs on Friday after Finance Minister Nirmala Sitharaman announced a cut in corporate tax rate for domestic companies and new manufacturing firms. The S&P BSE Sensex index soared as much as 1,955.46 points to 38,048.93 in afternoon deals - its highest intraday level recorded since July 25, hours after the Finance Minister said the effect corporate tax rate for companies will be 25.2 per cent including all additional levies. The broader NSE Nifty benchmark index climbed to as much as 11,272.80 - its highest since July 29 - after the announcement, up 568.00 points from the previous close. Analysts say the reduction in corporate tax rate is a big positive for the markets.