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The Indian equity market started the week on a cautious note and closed lower on weak global cues and a weak rupee dampened the sentiments. The Sensex hit a 14-week low, while the Nifty hit its lowest level in more than 10 weeks. Heavy selling pressure was witnessed in Auto, Telecom, Industrial, Realty and Pharma stocks. Only Banking index managed to close in green. Nonetheless, the Indian equity market changed its tide and registered robust gains very next day on back of short covering and bargain hunting and this lifted the sentiments of market and closes with gains of 1.28% by the close of the week. The first rounds of earnings were out. Performance wise Financials have done well, IT has been mixed and Cement has been muted. Yes Bank’s second quarter performance surpassed analysts’ expectation with the profit rising 31.3% YoY. ACC misses estimates as profits dampen 29% and Ultratech Cement profitability improved in the September quarter but slower than expected cement growth surprised investors.

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