It was another volatile day of trade with the Nifty moving in a 150-points band. Equity benchmarks lost more than one percent on Wednesday ahead of July F&O contracts expiry. The Sensex plunged 317.72 points or 1.22 percent to 25714.66 and the 50-share NSE Nifty slipped 88.85 points or 1.13 percent to close at 7791.85.
Mehraboon Irani of Nirmal Bang Securities says the adjustment process on and nobody wants to see more blood. He believes when growth starts, it will be very fast, and swift. According to him, the clearer picture will emerge in the next 10 days.
Irani advises investors to buy stocks but only with a long-term horizon in mind and at the right valuations.
The Bank Nifty too fell 1.6 percent on Wednesday. Gautam Sinha Roy of Motilal Oswal Mutual Fund says the reason is that all expectations of an interest rate cut are now out of the window post the currency depreciation. He too advises investors to buy stocks when valuations are comfortable.
Sinha Roy expects sectors such as IT and pharma to benefit from the falling rupee.
Sudarshan Sukhani of s2analytics.com says it is very difficult to predict the market at this point. He says the September series may see the Nifty at lower levels, while, whoever, adding that the market is quite oversold.
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