Finance Minister Nirmala Sitharaman announced the slew rate cut in one of the press conference with the intention to boost the economy. It is declared that as per the latest policy the corporate tax rate will be 22%.
The market made a single day stride of over 5% in both NSE and BSE. After May 2009 this market reaction has been recorded for the first time.

The reason for the positive reaction in the market was due to positive emotion among investors towards the lower corporation tax rate. This will directly impact corporate earnings and the economy. Experts believe India's slowing market was much in need of fiscal stimulus that got served with this rate cut.
In one of the online platform Nirmal Jain, chairman of IIFL Group, shred his view by calling it as a bold move that would “unleash the animal spirit”.
Companies based on sectors that may witness gain are infrastructure, capital goods, FMCG, auto, steel, oil and gas, and real-estate.

I have found an answer for your reference. You can find more regarding corporate tax in the below link: