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I will not buy this fall, better to sit on cash, says Andrew Holland

Nifty 50, Sensex fall more than 3 percent after Russia announced special military operations against Ukraine on Thursday morning

Mumbai / February 24, 2022 / 12:41 PM IST

Andrew Holland, chief executive officer at Avendus Capital Public Markets Alternate Strategies, said he will not buy in the current sharp fall in the domestic equity market.

Indian benchmark indices plummeted more than 3 percent on February 24 after Russia launched special military operations against Ukraine. Media reports from Europe said that Russian forces have invaded Ukraine from its northern border with Belarus.

Globally, equities from Tokyo to Mumbai were under pressure as investors sought haven amid an escalating crisis in Europe. Global crude oil prices soared nearly 6 percent to breach the $100 mark and gold inched towards $2,000 per ounce.

“I think you should sit on cash and wait for things to evolve. There will be plenty of opportunities,” Holland said.