Corporate Tax Cut Impact: Financial stocks extend rally, Nifty Bank index jumps 6%
Updated : September 23, 2019 09:50 AM IST
Nifty Bank rose as much as 5.5 percent on Monday, extending gains from Friday's session after Nirmala Sitharaman announced cuts in corporate tax rates to revived the slowing economy.
The front runners in the Nifty Bank index were mainly private banks. IndusInd Bank surged 7 percent, followed by ICICI Bank, up 5.5 percent.
On Friday, the index had risen as much as 8 percent, its biggest single-day gain in 10 years. Since the announcement, the index is up over 14 percent.