Banking stocks are getting badly pounded on the bourses as most of them have announced rate hikes. There is also a growing fear that Reserve Bank of India (RBI) in its credit policy on December 16 review will increase rates.
In an interview to CNBC-TV18, Mahesh Patil, Birla Sun Life MF said that banking stocks are likely to correct further. According to him, markets may remain range bound in near-term.
Patil sees rising crude price to be risky for Indian markets.
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