The market closed today with marginal green on #Sensex and marginal red on #Nifty both not worth mentioning! The over hang of yesterdays Supreme Court judgement and the probable judgement on 1/sep/2014 is keeping the markets confused!
Most of the Metal and Power stocks remained under pressure factoring in the losses they may suffer in case the allocations are de-allocated!
The major concern was today seen in the banking sector. Many PSUs and Private banks had sizeable corrections anticipating the nightmare of loans, given to these companies turning into NPAs in case many mines and power plants were to be shut!
We feel the supreme court has reserved its judgement to analyse the aftermath if such a scenario was to occur. This may delay the economic recovery which every body is desperately waiting for!
The positive news amid these confusions was that the interest on housing loans has been reduced by SBI marginally. Though small, it sends a positive signal to other banks to follow suit since till now they were not willing to take the lead in doing so.
We feel the present stress in the Metals, Power and Banking sector is short term, the cleansing process is on and will help all sectors recover post things are clear from the supreme court.
Use opportunities to enter some good companies. Keep visiting this space for more updates.
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