new Delhi: Recent moves by the government, including a cut in corporate tax rates to boost investment to speed up the country's economic growth, led to a strong domestic trend in the domestic stock market last week and the major stock indices Sensex and Nifty over the previous week Strong increase of more than two percent was recorded. In the last session of the trading week, on Friday, the Bombay Stock Exchange, the main index of the BSE, the Sensex closed at 38,822.57, up 807.95 points or 2.13 percent over the previous week. The National Stock Exchange, or NSE's leading sensitive index Nifty, closed at 11,512.40, up 238.20 points or 2.11 percent.
The BSE mid-cap index gained 145.92 points, or 1.02 per cent, to close at 14,265.99, compared to the previous week, while the small-cap index gained 127.68 points or 0.97 per cent to close at 13,331.93. Last week on Friday, Finance Minister Nirmala Sitharaman announced the reduction of corporate tax rate for domestic companies. After this decision of the government, the market continued to rally in the first trading session of this week on Monday and the Sensex closed at 39,090.03 with a gain of 1,075.41 points, or 2.83 per cent. The Nifty also closed at 11,603.40, up 329.20 points i.e. 2.92 percent.
Although the next session was a period of ups and downs on Tuesday, the Sensex closed marginally up by 7.11 points at 39,097 and slipped 12 points or 0.10 per cent to 11,588.20 in the Nifty. On Wednesday, the Sensex closed down 503.62 points, or 1.29 per cent, to close at 38,593.52 due to weak selling signals from foreign markets and selling pressure. The Nifty also closed down 148 points, or 1.28 per cent, at 11,440.20.
The next day on Thursday, the market returned to buying and the fall in crude oil prices and positive foreign signals, the Sensex rose by 396.22 points or 1.03 per cent to close at 38,989.74. The Nifty also closed up 133.10 points, or 1.22 per cent, at 11,573.30.
However, in the last session, the Sensex ended 167.17 points, or 0.43 per cent, down at 38,822.57 due to weak signals from foreign market. The Nifty also closed down 58.80 points, or 0.51 per cent, at 11,512.40.