Kshitij Anand Moneycontrol News
The S&P BSE Sensex lost over 2,000 points, which includes Tuesday’s intraday fall of over 1000 points, but there were many stocks which braved the fall and rose up to 13 percent as of Monday’s closing.
SpiceJet rose 13 percent, followed by Intellect Design Arena, which rallied 9 percent. Polaris Consulting gained 7.3 percent while Crompton Greaves was up nearly 7 percent among the constituents in the S&P BSE 500 index.
Indian market fell in line with the weakness seen in the global markets. US markets suffered its worst intraday fall in history on Monday with Dow falling by about 1600 points.
The fall got translated into weakness in Asian markets, including India. The fall was led by big cuts in sectors like banks, smallcaps, midcaps, consumer durable, and realty.
Analysts advise investors to use current dips to buy into quality stocks and value to their portfolio. They should stay away from high P/E stocks and look to accumulate quality stocks in their portfolio.
“We have been advocating buy on dips but yes these are the dips an investor should utilize to position size and add cheaper and corrected stocks to the portfolio,” Mustafa Nadeem, CEO, Epic Research told Moneycontrol.
“Investing in the market with correction of almost 8 to 10% is certainly having more value to the portfolio. Sit tight is off course that should be followed in long-term buying,” he said.
Among the midcaps which managed to outperform were the likes of Ashok Leyland, Mphasis, United Breweries, SJVN, Petronet LNG and MRF.
Among the smallcap stocks in the S&P BSE Smallcap index which outperformed markets include names like Ester Industries, SpiceJet, Intellect Design, Electrosteel Steels, Inox Leisure, Jubilant Life Sciences, Escorts, Uniply Industries, etc.
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