The market continued to see selling pressure with the Sensex falling 171.76 points to 24728.87 and the Nifty declining 43.25 points to 7571.10.
Market is likely to remain rangebound in 2016, says Rahul Chadha of Mirae Asset Global Investments, adding that tails risks are unlikely to materialize this year. Chadha, however, continues to remain overweight on India.
Speaking from sidelines of the Credit Suisse Annual Conference, Chadha says that when the economy revives and credit cycle picks up, banks are bound to do well. The recent rate cut of 25 basis points by the Reserve Bank will lead to an uptrend in the economy, he adds.
HDFC dropped 2.7 percent intraday Thursday on additional one-time provision for March quarter of FY16. Maruti Suzuki fell 3 percent on rally in Japanese Yen against US dollar.
Infosys, ITC, ICICI Bank, L&T and SBI were down 1-1.5 percent while Lupin and Dr Reddy’s Labs topped buying list on Sensex, up over 1.5 percent.
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