Commenting on the market movement, Amar Ambani, Head of Research, IIFL, said, “Nifty started the October series on a slightly cautious note. While the market remained in a narrow range for most part of the day, Pharma index added some weight on the positive side. However, sharp losses in European market saw market giving up its gains. The draggers continue to be some of heavily beaten stocks like Tata Motors, Hindalco and Coal India. On the eve of RBI policy announcement, buying was seen in select real estate and NBFC stocks. The RBI governor’s action and commentary will decide the course of market movement for Tuesday.”
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