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FIIs, MFs remain cautious on depressed market condition
The market remained choppy throughout the week (ended Thursday, June 17) with
marginal gain on Thursday. FIIs and MFs maintained a cautious outlook before
the Budget. Overall, the Sensex lost close to 70 points during the week. Onset
of monsoon has created a positive outlook for the agriculture sector. However,
the overal monsoon data will be eagerly awaited in coming weeks. The Sensex
closed the week 86 points lower at 4839 points.
In textiles, the sentiment was mixed with frontline stocks being the losers.
Raymond, Arvind Mills, Bombay Dyeing, Zodiac Clothing, all lost ground, while
Reliance Industries moved up Rs 7 to close at Rs 454. Lakshmi Machines gained
by Rs 250 to close at Rs 4728.
In the current situation, the Budget is in the offing. It is expected that the
markets may remain fluid till the Budget. Besides, sectoral sops may guide the
sentiment for investors. It is advisable to keep away for the moment. Wait and
watch for some more sessions before picture become clearer.
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