Banking stocks shine as govt announces big relief on corporate tax; RBL Bank, HDFC Bank stocks up

Equity benchmark indices have extended gains in the late morning trade, with the Nifty posting its biggest single-day gain in 10 years. The Sensex zoomed over 1,650 points after Union FM Nirmala Sitharaman announced tax relief for domestic and new manufacturing firms.

Nifty Private Bank index climbed 6% as across the board buying was seen in major heavyweights like RBL Bank, HDFC Bank, IndusInd Bank and Yes Bank.

India VIX is trading at 15.57, up ~0.12%.

The Indian rupee has extended the morning gains and trading higher by 43 paise at 70.89 per dollar on the back of domestic equities witnessing huge buying post-Finance Minster announcement.

BSE Midcap index outperformed the benchmark index as broader markets gained traction. Havells, Federal Bank, Page Industries and RBL among top contributor to the index gain.

The Nifty Metal index gained ~5% as major heavyweights like Jindal Steel, Tata Steel, Hindustan Copper and Vedanta surged 4-6% respectively.

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