The markets had two knockout punches today. Firstly, there was a whiff that the upstream oil companies might have to shoulder more subsidy burden. That knocked ONGC back quite considerably during the first half of the day. It never quite recovered and closed the day 6% lower. The real knockout punch, however, came from State Bank of India, says Udayan Mukherjee, Managing Editor, CNBC-TV18. Results were well below expectations. High provisions, lower margins and lower net interest income led the stock down 8%.
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