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Last Updated : Dec 17, 2015 09:27 PM IST | Source: CNBC-TV18

Mkt to eye budget session for GST passage: Ambareesh Baliga

Market expert Ambareesh Baliga has a buy on public sector banks as he believes the worst has been discounted.

The Indian equity market has bottomed out recently and it is going to consolidate for the next 2-3 days, says market expert Ambareesh Baliga. Speaking to CNBC-TV18, Baliga says he expects third quarter corporate earnings to remain similar to the past two quarters.

He says the market will look forward to the budget session with respect to passage of the Goods and Services Tax (GST) Bill.

On Bank Nifty, Baliga has a buy on public sector banks as he believes the worst is over for the sector. His picks in the space are State Bank of India, Punjab National Bank and Bank of Baroda. Furthermore, Baliga is of the view that banks could marginally move upwards in Friday's trade on the back of new regulations by Reserve Bank of India (RBI).

Meanwhile, if Supreme Court's diesel ban on Delhi vehicles with engine capacity of over 2000 cc becomes a success, the decision will impact Mahindra & Mahindra (M&M) negatively as even other states may start implementing the same, he says, adding, the decision on Maruti Suzuki’s Gujarat plant will be positive for the company in the short-term.

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First Published on Dec 17, 2015 09:27 pm
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