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“NII is expected to grow 33 per cent YoY to Rs 5,700 crore. NIMs are expected to rise with both consumer and mortgage book seen witnessing strong growth,” said analysts at ICICIdirect.

STT was introduced in 2004 when long term capital gains tax (LTCG) was abolished by the then finance minister P Chidambaram. STT is collected upfront by the exchanges making it easier for the government to collect them. In the 2018 budget, LTCG of 10 per cent for gains over Rs 1 lakh was introduced, but STT wasn’t reduced.

“Overall, the 2022 outlook remains constructive wherein the terms of returns may not be as strong as last year but overall we would still expect healthy returns going ahead.”

The Nifty Pharma index closed 0.73 per cent down at 13862.45.

As of 30-Sep-2021, promoters held 62.55 per cent stake in the company, while FIIs held 13.53 per cent and domestic institutional investors had 7.64 per cent.

The broader Topix added 0.42%. The Topix growth share index added 0.36%, after dipping to its lowest intraday level since mid-August at the end of last week. The value index gained 0.55%, and touched its highest intraday level since late September.

The stock traded at a P/E multiple of -65.68, while the price-to-book value ratio stood at 3.36.

"We expect front-loaded policy support to prevent growth from falling significantly below 5% in 2022. This includes the MLF rate cut today. More generally, we expect strong infrastructure spending, robust credit growth, and support for the real estate sector this year." said Louis Kuijs, Head of Asia Economics at Oxford Economics.

Assuming the government manages to pull of the stake sale in LIC, the step could lead to receipts of around Rs 80,000 crore to Rs 1 lakh crore, equity analysts said. This would still leave a shortfall of around Rs 70,000 crore from the Budgeted target for the current financial year.

“HCL Tech seeing a very strong momentum. As we continue to give visibility of both hiring and booking, it should give a very good perspective on what to expect in the future.”