NIFTY Auto Index Goes Up by 10% Following FM's Announcements
After Finance Minister Nirmala Sitharaman slashed corporate tax rates, The Nifty saw its biggest single-day gain in a decade
Nifty Auto index quickly accelerated over 10% thereby making it the highest gainer among sectoral indices. Auto stocks cheered as most listed auto companies will see a substantial reduction in tax outgo.
The top gainers from the auto space included Ashok Leyland, which zoomed over 18 percent, followed by TVS, Hero MotoCorp and Eicher Motors which jumped 13-14 percent each. Tata Motors spiked 10 percent while MRF, Motherson Sumi Systems, Bajaj Auto and Exide Industries among others.
