'Mid-East sovereign funds are pulling out of emerging markets'

Selling has continued unabated in global markets, as fresh weakness in crude oil took a toll on sentiment for equity.But Gautam Trivedi, CEO of Religare Capital Markets, isn't rushing to buy stocks just yet.In an interview with CNBC-TV18, Trivedi said markets were unlikely to stabilise till calm were to return to the oil markets."A lot of Middle Eastern sovereign funds are pulling out of emerging market funds [thanks to the pressures on their countries' national budgets]," he said.Trivedi is back from an overseas visit where he visit 40 large investors -- from whom, the likely takeaway he got is: don't be brave in the market.