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Indian Market To See Cautious Moves

The mood is likely to be cautious in the Indian market, with concerns about near-term economic outlook, the political scenario where opposition to the ruling NDA government is seen building up by the day, and on trade war worries.

Concerns over trade war have risen following US President Donald Trump backing out of a joint communique after the G7 summit.

Markets are now looking ahead to the meeting of the US President with North Korean leader Kim Jong Un.

Activity is expected to be stock specific. Though the market is likely to move in a tight band for most part of the session, some volatility is not ruled out.

ICICI Bank will be in focus due to the ongoing probe into alleged lapses involving the bank's chief Chanda Kochhar. It is reported that besides Indian regulators and investigating agencies, the US Securities Exchange Commission is also looking into certain lapses at the bank.

Natco Pharma has announced the launch of a generic version of Posaconazole injection, under its brand Posanat. Posaconazole injection is sold in the USA market by Merck under its brand name of Noxafil.

Punjab National Bank is set to divest its stakes in PNB Housing Finance, its housing finance unit, and other entities like BSE, ICRA and Crisil in a phased manner.

Welspun Corp announced that it has bagged contracts for supply of API pipes in to the America's market. The new contracts have resulted in the company's order book's value rising to over Rs 11000 crore.

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