Published On: Mon, Sep 23rd, 2019

Howdy Modi effect – Sensex jumps 1,000 points

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Following yesterday’s Howdy Modi event at NRG Stadium in Houston the sensex jumped 1,075 points or 2.83 percent on first trading day of the week. It closed at 39,090. The Nifty zoomed 329 points or 2.92 percent and closed at 11,603.

On the sensex platform the major gainers today were Asian Paints, ITC, Bajaj Finance, L&T, Axis Bank and Kotak Mahindra Bank. The shares of these companies rose as much as 8.70 percent.

Late last week finance minister Nirmala Sitharaman slashes base corporate tax from 30 percent to 22 percent for existing companies. The manufacturing companies which were incorporated after October 1 this year need to pay 15 percent instead of 25 percent.

Senior vice-president and head of equity research at Kotak Mahindra AMC, Shibani Kurian, said the cut on corporate tax is a big step taken by the finance minister in boosting overall profitability of corporate India.

She said, “…this tax cut boosts corporate savings, this is positive structurally for the improvement in private sector investment rate.”

Prime Minister Modi and President Trump shared a stage for the first time on Sunday at the Howdy Modi event and addressed to a gathering of about 50,000 Indian-Americans. Trump said Modi is doing an exceptional job in India and more than sixty million people voted overwhelmingly for him.

Howdy Modi effect - Sensex jumps 1,000 points

Ethnically diverse Houston is a metropolis in Texas, which is a must-win state for Trump in 2020 election. The city is a ground zero in the Democratic Party’s inroads to the state.

Trump said, “We are committed to protecting innocent civilians from the threat of radical Islamic terrorism.”

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- I am an internet marketing expert with an experience of 8 years.My hobbies are SEO,Content services and reading ebooks.I am founder of SRJ News andTech Preview.

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