Monday, 12 December 2016

Oil rally drags Sensex 232 pts, Nifty below 8200; banks weigh

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Bears strengthened their position on Monday as equity benchmarks fell 1 percent on top of 2 percent loss in previous week. Sharp rally in crude oil prices, contraction in factory data and likely delay in GST implementation drove the market lower. In addition, globally investors also maintained cautious stance ahead of two-day Federal Reserve's meeting that will begin on December 13. 

The 30-share BSE Sensex plunged 231.94 points or 0.87 percent to 26515.24 and the 50-share NSE Nifty fell 90.95 points or 1.10 percent to 8170.80. The worst is over for the market. We continue to be concerned about a demand slowdown, worse than current market belief and problems for the financial system.

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