Sensex, Nifty log biggest ever 2-day gains; ICICI Bank, HDFC Bank soar to 52-week high

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Published: September 23, 2019 5:03:53 PM

The headline indices Sensex and Nifty extended rally on Monday, to long their biggest ever 2-day gain as investors remained upbeat following Narendra Modi-led government's corporate tax booster.

Sensex, Nifty news, stock market news, FM Nirmala Sitharaman news, Finance Minister, Nirmala Sitharaman, stock market update, FPI tax, reforms, FPI taxThe Sensex soared 1,921.15 points or 5.32 per cent to 38,014.62, while the NSE Nifty zoomed 569.40 points or 5.32 per cent to end at 11,274.20.

The headline indices Sensex and Nifty extended rally on Monday, to long their biggest ever 2-day gain as investors remained upbeat following Narendra Modi-led government’s corporate tax booster. After the last two session, Sensex is up 2,996 points while the Nifty has gained 899 points. Intra-day, the Sensex soared 1,426 points to hit the day’s high at 39,441, but closed about 2.8% higher at 39,090.03. The Nifty reclaimed the 11,600 level, zooming 326 points or 2.9 per cent to close at 11,600.20. On Friday, the Sensex soared 1,921.15 points or 5.32 per cent to 38,014.62, while the NSE Nifty zoomed 569.40 points or 5.32 per cent to end at 11,274.20, registering their biggest one-day gains in more than a decade.

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Taking stock of the robust session, Ajit Mishra Vice President, Research, Religare Broking said that the Indian markets are trading near peak valuations, and so, there could be some consolidation in the near term. “However, the recent announcements made by the FM are definitely positive for the Indian economy from a long-term perspective. Hence, investors should focus on accumulating fundamentally sound stocks,” he added. Bajaj Finance, L&T, Asian Paints, ITC, Axis Bank, Kotak Bank, ICICI Bank, HDFC twins, Maruti and SBI, were the top gainers in the Sensex pack, surging up to 8.7 per cent. Infosys, RIL, Tata Motors, PowerGrid, NTPC, Bharti Airtel, Tech Mahindra, TCS and HCL Tech were among the biggest losers, shedding up to 4.97 per cent.

Shares including ICICI Bank, HDFC Bank, Titan and Kotak Mahindra Bank soared to a fresh 52-week high, even as global brokerages named them among their top picks, while upping the target on Sensex and Nifty. Global firm Morgan Stanley has upped the target on Sensex to 45,000 by June 2020. Ridham Desai, Managing Director at Morgan Stanley India noted that the tax cut is a permanent relief, and it will directly alter cash flows by 6-7%.

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