Bank Nifty over-weighing Nifty: Nifty Discounting rate cut, declining GDP forecast and auto sales
The accommodative stance of RBI was not able to give strength to the market and Nifty lost its morning gain of 97 points. Banking stocks got more sensitive to the rate cut and as result Banknifty plunged 2.55 per cent resulting Nifty to close at 11,163.85 after breaking the immediate support level of 11,250. Market had shown correction because investors are losing confidence because of declining auto sales, GST collection and a declining forecast of GDP growth. From the option data we are expecting that the