Domestic stock market added to the historic gains made on Friday after Finance Minister Nirmala Sitharaman delivered a surprise cut in corporate tax rates. The surprise decision by the government is seen boosting corporate earnings significantly. The Nifty saw gap-up opening near 11,542 amid strong sentiment. The 50-unit index pared gains in morning trade, but picked up steam once again and hit fresh intraday high above 11,680 in the afternoon trade. Profit booking at higher levels pulled the index lower, but Nifty managed to close above 11600.
A deal to transfer Deutsche Bank’s prime brokerage business to BNP Paribas could see up to 1,000 staff move from the German lender to the French bank. Global shares dipped on Monday as weaker than expected economic surveys added to investor worries over the unresolved U.S.-China trade dispute’s effects on the world economy. European STOXX 600 index was down 0.9%.
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