Wednesday, 23 November 2016

Sensex erases gains, Nifty breaks 8000 on profit booking

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Equity benchmarks wiped out early gains with the Nifty breaking 8000 level on profit booking. Banking & financials, auto and FMCG stocks were under pressure while healthcare, technology and metals stocks gained.


PM Modi is clearly ringing in the changes and India will go through structural changes that will reduce black money, cost of capital and cost of land and real estate. However, he warned that such measures will entail short-term pain. He believes the real action will begin next year as some SMEs will realise they can’t function in an environment where they have to pay full taxes. They will start winding up next year, he said.

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