FM Sitharaman's announcements: Are seeds of the next bull market being sown?
Updated : September 23, 2019 08:43 AM IST
After the finance minister's announcements the Nifty ended up 550 points — its biggest single day gain in ten years. Post that rally MSCI India has turned into the green for 2019 although it is still underperforming MSCI Emerging Markets Index.
Corporate tax cut will boost the profitability of companies, providing a fillip to earnings per share (EPS) estimates for the year. After Friday's announcements, Morgan Stanley has revised FY20 earnings estimate for BSE Sensex to 25 percent from 13 percent earlier.
According to market participants, the need of the hour was to recognise the economic slowdown and a measure like the one announced Friday will only boost sentiment on the street and reignite the animal spirits.
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