The SIT recommendation to go after P Notes to stem black money is unlikely to impact market, says Ridham Desai of Morgan Stanley. He is confident that the government will make a studied decision on the issue and rules out the possibility of the FII community panicking over P-Note issue. Desai, on the other hand, is worried that if GST Bill does not get passed during the Monsoon Session of parliament, it may hurt sentiment. But that is "short-term" glitch in the 3-5 year bull run, he says.
The market extended losses in morning trade with the Sensex falling 318.40 points or 1.13 percent to 27793.91 and the Nifty declining 87.95 points or 1.03 percent to 8433.60. The broader markets, too, slipped into red. The BSE Midcap index dropped 1 percent and Smallcap declined 0.8 percent. About 760 shares have advanced, 1111 shares declined, and 102 shares are unchanged on the BSE. Bank Nifty fell 300 points.
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