A surprise air-strike by the US that killed Iran’s key military leader Qassem Soleimani, on January 3, spooked financial markets across the world and Indian markets have been no different. The development saw a sharp spike in crude oil prices stoking fears of inflationary pressure which, in effect, could prompt the Reserve Bank of India (RBI) to hold interest rates. This, according to analysts, has weakened prospects of banking stocks, and they expect some correction in these counters.
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