Sensex sheds 316 pts, PSU Banks hit hard

Despite encouraging GDP growth data, December began on a weak note as Nifty slipped belom 50- Daily Moving Average at 2-week closing low.

PSU Banks including SBI, PNB and others fell sharply.

Widening fiscal deficit and rising crude oil price concerns offset market sentiment as inverstors turned cautious ahead of major events this month – RBI policy, FOMC Meet and Gujarat Assembly elections.

A minor pull-up rally might happen, however it is best to wait for the up green tick and sell.

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