Sensex jumps 1700 points, Nifty above 11k-mark, as corporate tax rate slashed: 10 updates
Asian markets were mostly higher todayBut rising oil prices will weigh on Indian markets, say analysts
Indian stock markets surged over 600 points as the government proposed to slash corporate tax rate. Though both Sensex and Nifty opened lower, it reversed after this announcement.
Here are 10 updates from Indian stock markets:
1) At 12:05 pm, the benchmark Sensex rose 5.09%, or 1837.52 points, to 37,930.99, while Nifty 50 was up 526.15 points, or 4.92% at 11,230.95 points.
2) Brent crude oil prices rose today on fears of longer-than-expected supply shortfalls following Saturday's attacks on a key Saudi Arabian oil processing facility and escalating tensions in the Middle East.
3) Brent crude futures on ICE Futures Europe Exchange rose 0.7% to $64.82 a barrel, extending gains to nearly 8% this week.
4) Ajit Mishra, vice president for research at Religare Broking, said: "The recent fall indicates prevailing uneasiness among the participants, who are hoping for some major announcements from the government to arrest the slowdown signals."
5) The Sensex is down nearly 3.5% over the previous four sessions, falling nearly 1,300 points.
6) Finance Minister Nirmala Sitharaman on Thursday urged banks to increase lending to small businesses and retail borrowers to spur spending ahead of the final quarter festive season.
7) The government has been announcing series of measures over the past few weeks to boost growth that had fallen to six-year low of 5% in June quarter. Last week, the government had announced a series of measures to revive the housing sector and boost exports.
8) The GST Council is meeting today in Goa today amid demands from the industry for a fiscal stimulus.
9) Foreign institutional investors continue to offload Indian shares amid concerns about economic growth. On Thursday, they sold Indian shares worth ₹900 crore (net), taking the month-to-date selling to about ₹8,000 crore.
10) Asian share prices inched higher today as investors shift their focus to the negotiations between the US and China as trade deputies from both nations are set to meet.
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