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"The only thing that can dampen the sentiment so far the stock market is concerned, is long term capital gain tax. If the government tinkers with it, then the market will fall. But again, it would be a temporary phenomena; maybe after six months or 3-6 months, people will forget that. I do not know what is going to happen today. I am expecting a negative; government will impose tax and the market will go down."

The Nifty IT index was trading 0.46 per cent up at 29876.05.

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The stock traded at a P/E multiple of 498.04, while the price-to-book value ratio stood at 2.79.

Sun Pharmaceutical Industries, incorporated in the year 1993, is a Large Cap company (having a market cap of Rs 244576.21 Crore) operating in Pharmaceuticals sector.

A total of 15,247 shares changed hands on the counter till 11:49AM (IST)

"We are asking for a simplification or rationalisation and that it is easy to understand. It drives the ease of doing business. It is not that we are looking for a reduction in rates over there but there are so many different classes, we have so many different periods, rates and the more we simplify it, the easier it is for business to understand and follow."

In the Nifty200 pack, 10 stocks closed above their 200 DMA (Daily Moving Averages) on January 31, 2023. >> For more such web stories click on the ET icon below

As of 31-Dec-2022, promoters held 48.76 per cent stake in the company, while FIIs held 20.71 per cent and domestic institutional investors had 9.82 per cent.

​So I think if they do not do anything on capital gains that itself will be taken as positive. I think people will ignore everything else because ex of that Indian valuations have corrected, things are reasonable now and I would think that the markets are set for an up move ex of any capital gains move which could spoil sentiments in the near term.