Sensex, Nifty Log Biggest Single-Day Gains Since Exit Poll Results 
A financial trader monitors data on computer screens on the trading floor. (Photographer: Jasper Juinen/Bloomberg)

Sensex, Nifty Log Biggest Single-Day Gains Since Exit Poll Results 

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Closing Bell: Sensex, Nifty Clock Biggest Gains In Nearly Three Months

Indian equity bechmarks clocked their biggest intraday gains since the announcement of exit polls.

The S&P BSE Sensex closed 637 points higher at 37,327.36 and the NSE Nifty 50 ended at 11,032, up 1.63 percent. The broader markets represented by the NSE Nifty 500 Index ended 1.4 percent higher.

Sensex, Nifty Log Biggest Single-Day Gains Since Exit Poll Results 

The markets witnessed a sharp surges after ETNow, quoting unidentified people, reported that government may roll back higher tax on foreign investors.

The markets are not expected to jump immediately if the government considers to roll back of higher tax on FPI as there are other fundamental issues playing out at present, according to Ajay Bagga.

The surcharge roll back will give sentimental boost to the markets, the market expert told BloombergQuint in an interview. “The money that foreign investors pulled out so far since Budget will not be infused immediately and will take some time.”

It will be a huge positive move for the markets even if the FPI selling slows down because the selloff has been a big setback for markets and sentiments, he said.

Bagga expects the announcement of strong measures by the government in the immediate future, particularly in the auto and real estate sector.

The market breadth was tilted in favour of buyers. About 1,055 stocks advanced and 690 shares declined on National Stock Exchange.

All the 11 sectoral gauges compiled by NSE ended higher, led by the SNE Nifty Auto Index’s 3.03 percent gain.

Block Deal Alert: Ashok Leyland

About 14.7 lakh shares of Ashok Leyland changed hands in a block deal, Bloomberg data showed. Buyers and sellers were not known immediately.

Thermax Gains After Q1 Results

Shares of Thermax rose as much as 7.78 percent to Rs 1,129 after announcing June quarter results.

Key Earnings Highlights (Q1, YoY)

  • Revenue up 34.5 percent to Rs 1,392.5 crore.
  • Net profit up 28.2 percent to Rs 62.8 crore.
  • Ebitda up 42.8 percent to Rs 99.1 crore.
  • Margins at 7.1 percent versus 6.7 percent.

Fab Four Stocks Of The Day

Affle India

  • Stock rose as much as 28.7 percent to Rs 958.70.
  • Shares were at premium of 24.3 percent against issue price Rs 745.

Abbott India.

  • Stock rose as much as 8.7 percent to Rs 9,324 after announcing June quarter results.
  • Revenue up 18.2 percent to Rs 998.9 crore.
  • Net profit up 41.9 percent to Rs 116.9 crore.
  • Ebitda up 56.4 percent to Rs 174.2 crore.
  • Margin at 17.4 percent versus 13.2 percent.

Siemens

  • Stock rose as much as 8.2 percent after announcing June quarter results.
  • Revenue rose 4.1 percent to Rs 3,198.4 crore. (estimate Rs 3241.4 crore)
  • Net profit rose 21.4 percent to Rs 248.1 crore. (estimate Rs 232.6 crore)
  • Ebitda rose 25.4 percent to Rs 353.7 crore. (estimate Rs 337.1 crore)
  • Margins stood at 11.1 percent versus 9.2 percent.
  • Project Costs fell 9 percent to Rs 646 crore.

Aurobindo Pharma

  • Stock rose as much as 8.2 percent to Rs 600 after announcing June quarter results.
  • Revenue rose 28.1 percent to Rs 5,444.6 crore. (estimate Rs 5,308 crore)
  • Net profit rose 39.5 percent to Rs 635.8 crore. (estimate Rs 624 crore)
  • Ebitda rose 47.1 percent to Rs 1,146.4 crore. (estimate Rs 779 crore)
  • Margin stood at 21.1 percent versus 18.3 percent. (estimate 19.8 percent)

Market Commentary: Don’t Expect Tax Roll Back To Trigger Big Rally, Ajay Bagga Says

The markets are not expected to jump immediately if the government considers to roll back higher tax on FPI as there are other fundamental issues playing out at present, according to Ajay Bagga.

The surcharge roll back will give sentimental boost to the markets, the market expert told BloombergQuint in an interview. “The money that foreign investors pulled out so far since Budget will not be infused immediately and will take some time.”

It will be a huge positive move for the markets even if the FPI selling slows down because the selloff has been a big setback for markets and sentiments, he said.

Bagga expects the announcement of strong measures by the government in the immediate future, particularly in the auto and real estate sector.

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Prime Minister Narendra Modi will address the nation at 8 p.m. tonight

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