Sensex, Nifty Rally Boosts Investor Wealth By Rs 10.5 Lakh Crore In Two Days
Investor wealth continued to soar for the second consecutive day, rising by Rs 10.50 lakh crore so far, as market sentiment remained euphoric after a host of measures were announced to boost slowing economic growth.
Led by the continuous strength in the equity market, the market capitalisation of BSE-listed companies rose Rs 10,53,495.23 crore to Rs 1,49,05,246.57 crore so far in two days.
The market cap of BSE-listed companies was Rs 1,38,54,439.41 crore. Markets are on a rise since Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates. The announcements were made during trading hours on Friday which sent the markets soaring.
The finance minister slashed the base corporate tax rate for all domestic companies to 22 percent from 30 percent. For new manufacturing firms, incorporated after Oct. 1, 2019, the tax rate has been cut to 15 percent from 25 percent.