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Nifty struggles below 8000; banks drag, pharma supports

The market continued to see profit booking in morning trade after two-day rally, dragged by banking & financials, capital goods and metals stocks. However, pharma stocks bucked the trend.

10:00

TheNewsInternational Team

10:15 am Rate cut on card?:

Indicating an imminent rate cut, RBI Governor Raghuram Rajan has said inflation has come down to the comfort zone quicker than expected and he is keeping a watch on data to see how much room is there for further easing of the monetary policy.

“We are on a phase of accommodation. We are still in that phase. We are looking at the data to see what more room we have,” Rajan said.

Stating that RBI monetary policy has been accommodative, Rajan said he has cut interest rates three times already this year and he was “still on an accommodative setting”.

10:00 am Market Check

The market continued to see profit booking in morning trade after two-day rally. The Sensex fell 130.82 points to 26261.56 and the Nifty declined 31.20 points to 7970.75, dragged by banking & financials, capital goods and metals stocks. However, pharma stocks bucked the trend.

Hiren Ved of Alchemy Capital Management feels that the market may correct further from current levels. But the good thing about corrections this time around is the fact that market participants did not panic.

“Average market correction has been around 20 percent going by historical data,” he told CNBC-TV18. Also, he adds that a lot of the correction was because of external factors than domestic ones. Ved says India will continue to remain vulnerable to such corrections unless substantial growth is seen.

09:15

Sensex skids over 100 pts, Nifty weak; Vedanta, BHEL down

ONGC, Bharti Airtel, Dr Reddy’s Labs, Lupin and Wipro while Vedanta, Bajaj Auto, BHEL, TCS and Tata Steel are among laggards in the Sensex.

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