Investor wealth has zoomed Rs 6.82 lakh crore in a single day as equity markets skyrocketed, with the Sensex rallying 2,284 points in intraday trade.
The 30-share key BSE index has zoomed 1,921.15 points or 5.32 percent to close at 38,014.62.
The government has slashed the corporate tax rate for companies by almost 10 percentage points to 25.17 percent and has offered a lower rate to 17.01 percent for new manufacturing firms to boost the economic growth rate.
Finance Minister Nirmala Sitharaman has cut the base corporate tax for existing companies to 22 percent from 30 percent. Sitharaman has also said that no tax will be charged on share buyback by listed companies that has announced such a move prior to 5th July.
From the BSE 30-share basket, 25 scrips has closed with hefty gains led by Hero MotoCorp, Maruti Suzuki India, IndusInd Bank, Bajaj Finance, State Bank of India and Mahindra & Mahindra and zoomed up to 12.52 percent.