The market is volatile as generally seen on F&O expiry day. The Sensex is down 48.70 points or 0.2 percent at 26991.06 and the Nifty is down 19.95 points or 0.2 percent at 8151.25. About 1162 shares have advanced, 884 shares declined, and 144 shares are unchanged.
Bank and FMCG stocks are under heavy selling pressure. BHEL, Axis Bank, Bharti Airtel, GAIL and Maruti Suzuki are major losers in the Sensex.
There is no reason why one should not grab Axis Bank at the current levels, suggests Dipen Sheth of HDFC Securities. He urges investors to look at all parameters like NIM, loan growth etc and not agonise over NPAs. Sheth calls the private lender responsible for admitting its September quarter asset quality concerns. He is also bullish on ICICI Bank , which also has stressed assets, and advises to own the two stocks with a 2-year time horizon. "We remain buyers,"
Oil prices tumbled, cutting short a rally the day before after hints of an interest rate hike in December by the US Federal Reserve boosted the dollar.
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