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Loan waiver spectre dampens sentiment
Highlights
The contagion effect of bad loan waiver cast its thick, long shadow on stocks on Monday as the market benchmark BSE Sensex gave up over 166 points to close at a two-week low of 31,096 and Nifty fell 52 points. Investors remained on the sidelines as they waited for key macroeconomic data -- IIP and inflation -- amid a fall in global peers. Capital goods, banking and consumer durables found themsel
Mumbai: The contagion effect of bad loan waiver cast its thick, long shadow on stocks on Monday as the market benchmark BSE Sensex gave up over 166 points to close at a two-week low of 31,096 and Nifty fell 52 points. Investors remained on the sidelines as they waited for key macroeconomic data -- IIP and inflation -- amid a fall in global peers. Capital goods, banking and consumer durables found themselves on a sticky wicket.
Banking stocks under pressure; Jewellery shares hog limelight
“Bad loans, averaging three quarters of PSU banks’ net worth, looked to be haunting the banking stocks as the bankers headed for a meeting with the finance minister,” said Anand James, Chief Market Strategist, Geojit Financial Services Ltd.
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