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Gurmeet Chadha, co-founder, Complete Circle Consultants, says investors should be selective as this is not the time to chase momentum.
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Traders should refrain from taking aggressive bets owing to the probability of unanticipated whipsaw movements.
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Cabinet approval for production linked incentives (PLI) for auto sector and relief measures for telecom sector boosted sentiments.
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Traders can bet on SBI, Axis Bank and RIL for upside from the current levels.
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Market participants will be also be eyeing the foreign exchange reserves data to be announced on September 24.
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The BSE Sensex, fell 125.27 points or 0.21% at 59,015.84, while the Nifty 50 index was down 44.35 points or 0.25% at 17,585.85.
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The Sensex hit a record high of 59,737.32 while the Nifty hit an all-time high of 17,792.95 in morning trade.
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Bullish on Kolte Patil, DCW and Power Finance Corporation, Rahul Sharma of Equity99 spoke to Money9 to share insights on markets.
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On Money9's show Get Rich, Sakshi Batra and Rahul Oberoi talk about the factors that will support the market going ahead
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The market cap of BSE-listed companies reached its all-time high of over Rs 2.60 lakh crore by the close of trade on Thursday.