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Indian market began the first week of New Year on a muted note and shifted into consolidation for the first couple of trading sessions but later gained traction by the close of the week on expectation of normalcy returning in the economy post the demonetization move. One interesting move which brought cheer to the markets was that Banks reduced interest rates by as much as 0.9% across categories. SBI and HDFC Bank have taken the lead and others are following as well. The auto number which came in was not good largely due to impact of demonetization. Although the monthly sales in December 2016 saw a dip, the year-on-year impact varies from automaker to automaker. Tata Motors came in with a big surprise as it posted 30% rise in US sales for the month of December and 24% rise in annual US Sales.

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