The automobile companies may benefit from the rate cut. Due to the pandemic, the people of the country try to avoid public transport and may prefer their own vehicle, Gaurav Garg, Head of Research at CapitalVia Global Research Limited- Investment Advisor, said in an interview with Moneycontrol’s Kshitij Anand.Edited excerpt:Q) Market saw a sharp downtick on Friday after RBI MPC outcome. What was the reason why markets fell – is it banks or the negative growth rate which weighed on markets?A) Banking stocks witnessed selling after the RBI extended moratorium granted on loans by another three months. Although this measure gives relief to borrowers, it adds significant uncertainty to the bank’s asset quality and earnings in the near-term.Weak global markets also impacted the sentiments. Among Nifty stocks, Axis Bank was the top loser, down 5.67 percent followed by HDFC and Bajaj Auto, which fell 4.99 percent and 3.28 percent respectively.The Bank Nifty failed to hold its crucial support of 17,400 and slipped towards 17,100. The selling pressure witnessed in Bank Nifty eventually led to Nifty’s decline by the end of the session.Q) Nifty Bank fell more than 2% on Friday. What should investors do if they have a bank-heavy portfolio?A)… Read full this story
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