Below is the market quote by Dr. Joseph Thomas, Head of Research, Emkay Global Financial Services.
“That frontline indexes were higher at the opening but lost altitude with a sell off in the financials. Banks took a beating and it may be mentioned that the sector has been severely impacted by the lockdown and the moratorium and a rise in NPAs is expected as the moratorium is lifted. Non-food credit also has been slower in growth impacting fresh business. IT and FMCG helped the indexes to hold well in the positive territory. This trend may sustain for some more time”
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