STock Trading News :- There was the expectation in the market that
with the Budget out of the way, a relief rally will emerge. The extent of it
has surprised and the Nifty could go up till 7,700-7,750," Mukherjee told
CNBC-TV18 in an interview. But the bounceback is based on technicals rather
than fundamentals, he said, adding that it would prudent for investors to raise
cash levels a little instead of deploying more cash. "You have to realize
that even despite the 10 percent bounceback, we are back only at the
levels at which we started February," he said. At a fundamental
level, the veteran financial commentator said he does not see major changes
happening and said fourth quarter earnings will also likely be muted. 9:45 am
Market cools off: The Sensex is down 51.48 points or 0.2 percent at
24555.51, and the Nifty slips 24.05 points or 0.3 percent at 7451.55.
About 673 shares have advanced, 812 shares declined, and 62 shares are unchanged.
ONGC, Tata Motors, Cipla, ICICI Bank and ITC are top gainers while HDFC Bank,
Maruti, SBI, Adani Ports and Bharti Airtel are losers in the Sensex. 9:30 am
PSU banks meet: The second edition of Gyan Sangam, a retreat of
heads of public sector financial institutions, will begin today against the
backdrop of the government's strategy to favour consolidation among public
sector banks. Earlier this week, Finance Minister Arun Jaitley, in the Budget
2016-17, said the government will unveil a road map for consolidation in public
sector banks (PSBs).
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