12:35pm Europe Check
European
markets opened lower with the France's CAC and Britain's FTSE falling 0.7
percent each while Germany's DAX declined 0.9 percent after disappointing
German data.
12:30pm PNB In News
State-owned
Punjab National Bank (PNB) has slashed interest rates for bulk deposits over
one month but raised it for deposits under one month.
For
deposits from one month to under 3 months, the new rate is 7.25 percent, down
from 7.5 percent, while for bulk deposits from 91 days to under one year the
new deposit rate is 8.5 percent from 8.75 percent earlier.
However,
PNB has not touched its retail or non-bulk deposits despite the fact that a few
weeks back the country's largest public lender SBI cut its retail deposit rates
for one year and above to 8.75 percent; in this category, PNB and other banks
still offer 9 percent.
12:00pm Market Check
Equity
benchmarks continued to see selling pressure with the Sensex falling 227.78
points to 26409.50 and the Nifty slipping 65.25 points to 7895.30. But the fall
in broader markets was less compared to largecap indices; the BSE Midcap and
Smallcap indices declined 0.7 percent and 0.5 percent, respectively.
About two
shares advanced for every share advancing on the Bombay Stock Exchange.
Deven
Choksey of KR Choksey Shares & Securities says the much needed correction
is coming which gives an opportunity for portfolio investors to invest at lower
levels.
According to him, the Nifty is in a broad
range of 7800-8200 and one must buy when it comes to 7800 level that would be a
good technical support for the market.
Shares of
Tata Motors, Hindalco Industries, Tata Steel, Mahindra and Mahindra, Sesa
Sterlite, Jindal Steel and Cairn India kept top positions in the selling list,
down 2.5-4 percent.
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