(With agency inputs)

NEW DELHI: Markets roared back to life on Friday with equity indices skyrocketing over 1,900 points as markets welcomed government's move to slash corporate tax rates for domestic companies as it looked to pull the economy out of a six-year low growth and a 45-year high unemployment rate by reviving private investments with a Rs 1.45-lakh crore tax break.Bulls took over the market after the government slashed corporate tax rates for companies by almost 10 percentage points to 25.17 per cent to bring them at par with Asian rivals such as China and South Korea. The Sensex and Nifty clocked their highest one-day gain in over a decade.The 30-share BSE index zoomed 1,921.15 points or 5.32 per cent to close at 38,014.62. The broader NSE Nifty advanced 569.40 points or 5.32 per cent to end at 11,274.20.Top gainers in the sensex pack included Hero MotoCorp, Maruti, IndusInd bank, Bajaj Finance, SBI, M&M, HDFC Bank and Hindustan Unilever with their stocks rising as much as 12.52 per cent. Twenty-five out of thirty stocks ended in green.However, Power Grid, Infosys, TCS, NTPC, Tech Mahindra were the only losers in the 30-share index, with their stocks down as much as 2.39 per cent.On the NSE platform, except for Nifty IT, all other sub-indices ended in green, led by Nifty Auto, Bank, Private Bank, and Financial Services -- which rose as much as 9.90 per cent.In a major booster to the market, the government decided not to 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."The new corporate tax reforms by the government is music to the investors' ears and will help to revive economic outlook in the coming quarters. FIIs now have a good reason to come back to India and this progressive step will stimulate consumption and ignite capex cycle."Additionally, companies will get more elbow room to pass on benefits to customers, which in-turn will improve earnings visibility," Vinod Nair, head of research, Geojit Financial Services told news agency PTI.Devang Mehta, head - equity advisory, Centrum Wealth Management, said, "Today's measures, without exaggeration, have revived the sagging economic situation and has reinfused the 'Josh' amongst the corporate and capital market fraternity."Battling a six-year low economic growth and a 45-year high unemployment rate, the government also slashed corporate tax rates for companies by almost 10 per cent to 25.17 per cent to bring them at par with Asian rivals such as China and South Korea, as it looked to boost demand and investments.The finance minister also said that listed companies which have announced buyback of shares prior to July 5 will not be charged with the super-rich tax.The rupee too appreciated 29 paise to 71.04 against US dollar following the finance minister's announcements.Meanwhile, Brent crude futures rose 0.64 per cent to $64.84 per barrel (intra-day).