Sensex settles 267 points lower, Nifty below 9,300 on Friday as banking stocks dip



The benchmark indices settled lower on Friday as banking stocks dipped after the government notified the Banking Regulation (Amendment) Ordinance, 2017, while a drop in crude prices dragged down oil explorers such as ONGC and Oil India.

The S&P BSE Sensex ended at 29,858, down 267 points, while the broader Nifty50 closed at 9,285, down 75 points. The Nifty50 index reversed course seconds after hitting its fresh all-time high of 9,367 in early trade.

India VIX, essentially a fear gauge, closed the day at 11.98, rising over 5% from the previous close.

In the broader market, the S&P BSE Midcap and S&P BSE Smallcap indices settled 1% and 0.8% lower, respectively.

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Repost: We are at the start of a bull market, it is going to make us forget 2003: Rakesh Jhunjhunwala


The original interview with Rakesh Jhunjhunwala appeared on The Economic Times and is available here.

In an exclusive interview with ET Now, Rakesh Jhunjhunwala, Partner, Rare Enterprises, says markets could correct any time it is going to correct more time wise rather than price wise. Edited excerpts
ET Now: I want to start with something which I picked up on my WhatsApp couple of days ago and it says that there is a strong market rumour that a big bull, which is you, has informed his close circle of friends and his associates that markets have topped out and now we may see a significant correction going forward. Have you told your friends anything like this?

Rakesh Jhunjhunwala: My opinion especially in oil, I think $60 for oil is not to be crossed. Onshore oil costs $3 and the fracking capacity is 10%, 15% of oil capacity in America. The whole world has still not even started and in lot of other countries there are not so many as might have been concerns as there are in America. Third thing is with lower prices, OPEC countries are compelled to produce more because of the cost. So I think personally oil prices at $60 is a line which is not going to be crossed, it is a prediction, I reserve the right to be wrong but it is my opinion that to cross it is very, very difficult. Even in other metal areas, I am not very bullish on prices. I think metal prices in general may have topped out.
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