The price of oil is currently 50% higher than at the same time last year.A rise in crude oil price is a concern for paint companies as they constitute 40-50% of the raw material costs.
“One may not see a significant correction in the market but the short term outlook is cautious given that even by January the cash crunch is not likely to go away," Reddy of Bajaj Allianz said.
Analysts said Sun TV shares had tripled during DMK's rule between 2006 and 2011. During AIADMK's rule since May 2011, the stock has risen by about Rs 100 from Rs 395 to Rs 493 cumulatively .
Idea Cellular fell 5.9%, Bharti Airtel fell 1.66% and Anil Ambaniowned Reliance Communications fell 5.05% on Thursday.
PSBs had rallied since cash ban as the govt's move would have resulted in higher deposits and improvement in current account and savings account ratio.
The stock has been under pressure after the company missed earnings estimates and on worries over the depreciation of pound after Brexit.
Analysts, however, remained cautious on anymore gain in sugar companies' share prices as the sugar prices may not increase further in the run-up to the UP polls.
Analysts said, at 20 times its 2017 earnings, the stock is pricey but there is a lot of demand for it in the current environment.
Now, with demonetisation expected to result in a decline in property prices, the loan against property book of NBFCs will be squeezed, resulting in higher bad loans.
Ashish Maurya, research Associate at Cholamandalam Securities said Zensar Technologies stock is expected to be valued at around 14 times FY18 estimated earnings.
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