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Maruti Suzuki, Eicher Motors, Ashok Leyland stocks rise up to 16% after corporate tax cut

Sensex and Nifty have gained over 5% in today's trade. All 30 scrips under Sensex were trading higher and only 2 Nifty stocks Zee Entertainment and Tata Consultancy Services were trading in the red.


twitter-logo BusinessToday.In        Last Updated: September 20, 2019  | 17:30 IST
Maruti Suzuki, Eicher Motors, Ashok Leyland stocks rise up to 16% after corporate tax cut
Top gainers on NSE included Eicher Motors, Maruti Suzuki, IndusInd Bank, Ultratech Cement, SBI, HDFC Bank and Indiabulls Housing Finance.

Benchmark indices rose over 6% on Friday, with Sensex nearing the 38,350 mark and Nifty breaching 11,370 level after the government announced corporate tax rate cut to 25.17% inclusive of all cess and surcharges for domestic companies.

Reacting to the news, S&P Sensex touched an intraday high of 38,232 on BSE and Nifty50 reached 11,355 mark. Nifty auto was the top sector to gain, trading up nearly 8%, followed by 6-7% rise in banking stocks and over 5% rise in media, metal and energy stocks.

Sensex and Nifty have gained over 5% in today's trade. All 30 scrips under Sensex were trading higher and only 2 Nifty stocks Zee Entertainment and Tata Consultancy Services were trading in the red.

Top gainers on NSE included Eicher Motors, Maruti Suzuki, IndusInd Bank, Ultratech Cement, SBI, HDFC Bank and Indiabulls Housing Finance.

Eicher Motors(16.25%), Shree Cements(10.65%), Jamna Auto (11.42%), Ashok Leyland (10.97%) of the group 'A category' on BSE were among the scrips that rose over 10% on the exchange today.

Let's take a look at the top gainers in Friday's trading session.

Eicher Motors: Eicher Motors stock rose over 16.25% or 2,561 points to intraday high of Rs 18,320.55, against the last closing price of Rs 15,759.50 on BSE. The stock rose with the opening gap up pattern chart at Rs 15,820, registering a rise of 3.35% today. The stock has been highly volatile today with an intraday volatility of 7.14% and the stock's volume traded today has already crossed yesterday's total volume. As of 1215 IST, total volume stands at 0.12 lakh and 2.6 lakh shares changing hands on BSE and NSE, both above the 5, 10, the 30-day average volume traded.

Maruti Suzuki: Maruti Suzuki share price rose over 11% to Rs 6,626 compared to the previous close of Rs 5,938.30.  The stock opened higher at 6,001 level and hit an intraday high of 6,640 level. Its market capitalisation rose to Rs 1.99 lakh crore on BSE. On Nifty, Maruti Suzuki share price rose 10.76% to Rs 6,615.

Ashok Leyland: The stock price of Ashok Leyland started the day's trade with a gap up of 3% to Rs 58.55, against the last close of Rs 58.35 on BSE. It later rose 14.05% to touch intraday high of Rs 66.55. The stock has been highly volatile today with an intraday volatility of 7.34%. Volume-wise, a total of 50.53 lakh shares and 613.76 lakh shares changed hands on BSE and NSE, above 5, 10, and 30-day average volume traded. Ashok Leyland share price formed a strong bullish bar reversal chart pattern and also moved above its 30-day simple moving average.

State Bank of India: SBI was the top gainer on Nifty PSU Bank, that rose nearly 6% after the announcement on corporate tax rate cut by the government. After recording an intraday low of Rs 268.55, 2.01% lower against the last closing price of Rs 274.05, SBI stock price made a high of Rs 300, recording a 9.45% gain. The stock has traded in a wide range of Rs 31.4 and currently trades with an intraday volatility of 6.99%. Stock's volume amounting to 26.35 lakh shares and 500 lakh shares are currently changing hands on the bourses, both above the 5, 10 and 30 -day average volume traded.

IndusInd Bank: IndusInd Bank shares opened with a gain of 3.83% today at Rs 1282.20 on BSE and later rose 11.35% to the day's high of Rs 1427.45. With a trend reversal today, the stock has gained after 4 days of consecutive fall. Overall, 50.05 lakh shares and 80.36 lakh shares changing hands on BSE and NSE, both above 5, 10, and 30-day average. IndusInd Bank has moved above its 30 and 50-day simple moving average today and also formed a strong bullish bar reversal chart pattern today, indicating a strong bullish reversal.

Shree Cement: One of the top scrips to rise in volume list, the share price of Shree Cement opened with a gain of 4.01% today and later rose 13.99% to the day's high of Rs 20450.45. There were 2,736 shares and 0.68 lakh shares changing hands on BSE and NSE, both above 5, 10, and 30-day average.

By Rupa Burman Roy

Sensex Today: Sensex skyrockets 2,280 points, Nifty above 11,350 mark as FM slashes corporate tax for domestic firms

Sensex, Nifty investors gain over Rs 7 lakh crore within minutes of corporate tax rate cut

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