The BSE 30-share Sensex tanked 467 points or 2.7% to close at 16,408 and Nifty closed well below its 200 DMA losing 146 points or 2.89% to end the session at 4,919.
The market breadth was unconstructive with the broader indices trading in the red. BSE midcap index was down 2.62% and BSE smallcap index was down 2.61%.
Here are opinions of stock market experts on current situations.
Satish Betadpur, MD of IIR Group PLC: one can start cheery-picking stocks in the market. “We are always recommending select stock buys to average down because it’s very difficult to find the bottom. We believe valuations in certain sectors and certain stocks are getting to levels where if you are an informed long-term investor then you should be buying at these levels.
Allan Conway, Head-Emerging Markets Equities, Schroder Investment Management: At the moment, emerging stock markets are coming off, but we would suggest that’s largely sentiment rather than due to any fundamental concerns. These markets look actually very attractive and we view any downside from current levels as being an even stronger buying opportunity.
Nifty has a technical resistance at 4700 levels. This correction is purely due to global scenario and it has nothing to do with fundamentals of individual stocks except a few like Tata motors, ICICI Bank, Sterlite etc. So it is advisable to start searching for value stocks to buy and start investing for long term.
