Wednesday, 28 December 2016

Nifty still below 8100, Sensex firm; Axis Bank, Coal India up 2%

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The Cabinet today approved the ordinance related to the withdrawal of old Rs 500 and Rs 1000 notes. People involved in transacting old Rs 500 and Rs 1000 will face a penalty of Rs 5000 after the December 31 of this year and those found possessing old banknotes after March 31, 2017 will face a jail term of four years. 

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Banks likely to cut savings deposit rates The Sensex is up 137.50 points or 0.5 percent at 26350.94, and the Nifty up 48.75 points or 0.6 percent at 8081.60. About 1633 shares have advanced, 595 shares declined, and 138 shares are unchanged. Axis Bank, Wipro, Coal India, Dr Reddy's Labs and Asian Paints are top gainers while Tata Steel, Reliance, Tata Motors and Bharti are losers in the Sensex. The new year will be starting slow for earnings in the wake of the demonetisation. There will be about 200-300 companies which will be showing growth. It is not looking to be a buffet dinner.

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