close

News WrapGet Handpicked Stories from our editors directly to your mailbox


Nifty, Sensex little changed; IT stocks gain

File photo Photograph:( Zee News Network )

Reuters Bengaluru, Karnataka Sep 24, 2019, 10.46 AM (IST)

Indian shares were nearly flat on Tuesday, swinging between gains and losses, as investors hoped for further stimulus from the government following a surprise corporate tax cut last week.

The broader NSE Nifty was little changed at 11,599.80 as of 0430 GMT, while the benchmark BSE Sensex rose 0.06 per cent at 39,111.31.

Finance minister Nirmala Sitharaman on Friday announced a reduction in the effective corporate tax rate to around 25 per cent from 30 per cent and scrapped the minimum alternative tax for domestic companies, which led to a two-day rally in equity markets.

"Apart from what has already been announced, the market is now gauging what will be announced next," said Anand James, chief market strategist, Geojit Financial Services, Mumbai.

"There is lingering optimism that Friday's announcement could be followed up with something else too, which is why there is some volatility."

IT stocks led gains as the index gained 1.48 per cent. Heavyweights Infosys rose 2.25 per cent, while Tata Consultancy Services was up 1.52 per cent.

Reliance Industries, one of India's most valuable companies, added 2.85 per cent in the session after a newspaper reported that the company would get on a spending spree after reducing its debt.

Maruti Suzuki rose 1.71 per cent after Reuters reported the company's forecast for higher sales in September.

Meanwhile, banks were the top drags for the day, as the Nifty banking index, which tracks both state-owned and private-sector lenders, falling about 1 per cent.

Indian Oil Corp dropped 2.24 per cent and was among the top blue-chip losers for the day.

Story highlights

Banks were the top drags for the day, as the Nifty banking index, which tracks both state-owned and private-sector lenders, falling about 1 per cent.