Sensex, Nifty continue to fall; Midcap breaks 200-DMA, SPARC up

Moneycontrol Bureau11:25 am Interview: Demonetisation has taken a toll on consumer durable industry, says Pradeep Bakshi of Voltas.

He further said that the impact of demonetisation has been higher in the month of December. However, demand in select regions is down 50 percent, he added.

Speaking to CNBC-TV18, he said that rise in commodity prices is also likely to impact the business.

Voltas is seeing a slowdown in AC business in both rural and urban areas, said Bakshi.

However, we have offered a lot of discounts and schemes to customers, he added.Also read - Buy, sell, hold: 3 stocks & 2 sectors to focus as market weak11:00 am Market Check: The selling pressure continued for the seventh consecutive session today due to lack of positive triggers. The market may be factoring in the impact of demonetisation on December quarter earnings, December sales data and economic data that will be announced next month.

Udayan Mukherjee says he doesn't see what could be a correct bottom for the market but strategy should be to keep buying stocks at average prices and be patient. He stressed that it is a phase of opportunity.

The next 3 months is going to throw up a lot of opportunities for buying, he believes. "One needs to be opportunistic. The market is going through a painful phase and it is not over. It is only getting entrenched," he says.

The 30-share BSE Sensex fell 177.53 points to 26064.85 and the 50-share NSE Nifty dropped 59.40 points to 8001.90 while the broader markets continued to underperform, falling more than a percent on weak breadth. The Nifty Midcap breached the 200-DMA. About three shares declined for every share rising on the BSE.SPARC shares gained 4 percent after receiving a complete response letter (CRL) from USFDA for their new drug application (NDA) on Xelpros, which is an eye drop.