Indian Market: Sensex closes 1,921 points higher, Nifty ends at 11,274

At close, the Sensex added 1,921 points or 5.32 per cent to settle at 38,014.62 while Nifty ended at 11,274.20 points, up 569.40 points or 5.33 per cent.

About 1823 shares have advanced, 739 shares declined, and 137 shares are unchanged.

Hero MotoCorp with 13 per cent up was the top gainer along with Eicher Motors, IndusInd Bank, UltraTech Cement and Maruti Suzuki, while Power Grid was the biggest loser (down over 2 per cent) with Zee Entertainment, Infosys, TCS and NTPC.

Earlier, Sensex jumped 2,284.55 points to reach 38,378.2 level, the biggest single-day gain since May 18, 2009, when it jumped over 2,110.79 points, after Sitharaman announced to not levy the enhanced surcharge introduced in the Budget on capital gain arising on sale of equity shares in a companies liable for securities transaction tax.

Also, the super-rich tax will not to apply on capital gains from sale of any security including derivatives in hands of foreign portfolio investors.

In another relief, the Finance Minister said listed companies which have announced buyback of shares prior to July 5 will not be charged with super rich tax.

She also slashed corporate tax to 25.17 per cent inclusive of all cess and surcharges for domestic companies.

Sitharaman said the revenue foregone on reduction in corporate tax and other relief measures will be Rs 1.45 lakh crore annually.