Indian share markets surged on Friday after Finance Minister Nirmala Sitharaman announced a reduction in corporate tax rates for domestic companies in a bid to boost economic growth. Both the BSE Sensex and National Stock Exchange Nifty 50 closed over 5% higher.

At 3.30 pm, when the markets closed, the Sensex had finished 1,921.15 points higher at 38,014.62. The Nifty had gained 569.40 points to finish at 11,274.20. This was the biggest single-day rally in the markets in a decade.

Most stocks on the Sensex gained, led by Hero Motocorp, Maruti Suzuki, IndusInd Bank, Bajaj Finance and State Bank of India. On the Nifty 50, the top gainers were Eicher Motors, Hero Motocorp, IndusInd Bank, UltraTech Cement and Maruti Suzuki.

Only four stocks – Power Grid Corporation, Infosys, Tata Consultancy Services and National Thermal Power Corporation – declined on the Sensex. On the Nifty, the top losers were Power Grid Corporation, Zee Entertainment, Infosys, TCS and NTPC.

Sitharaman said earlier in the day that the government would forgo a revenue of Rs 1.45 lakh crore per year because of the fiscal stimulus. The Goods and Services Tax Council is set to meet in Goa later in the day.

The Indian rupee closed 38 paise higher against the dollar at 70.94.

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