Investors betting on recovery in the domestic economy have made hefty returns in stocks in the past one year, particularly in the months after the Union Budget.
The concern that ECB may unwind its easy monetary policy and potential supply limits by oil producing countries could contribute to market volatility.
The Nifty closed down 12.30 points and the Sensex ended down 11.30 points. The BSE Midcap and BSE Smallcap indices gained 0.5% and 1%, respectively.
Bloomberg data showed that the rating tally of 34 `buy', 10 `hold' and nine `sell' recommendations remained unchanged after the analyst meet.
About 70% positions were rolled over to the Nifty November futures, in line with average rollovers of 71% in the last three series.
Mistry claimed he was a lameduck chairman and highlighted how his efforts on de-leveraging the debt-laden group met with resistance.
If the group companies report a good set of earnings, all the controversy will be forgotten, or the buyers will come only at significantly lower price.
Axis Bank shares fell 8%, their biggest 1-day fall since Aug 24, 2015, while traders sold the stock in the Nov futures anticipating a further slide in the price.
The stock has been consistently trading below its 200-day simple moving average. Currently, the 200-DSMA is at Rs 1,145.41.
It has a buy rating and a target price of Rs 1,530 on HDFC Bank, target price of Rs 890 for Kotak Mahindra Bank and target price of Rs 410 for Bharti Airtel.
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