Stock market benchmarks in India, the Sensex and the Nifty 50, mirrored the global trend and tumbled on Monday, as fears of a US recession sent investors fleeing from risk and rising tensions in the Middle East kept them on edge.
As the overall market capitalisation of the firms listed on the BSE fell from about 457 lakh crore to nearly Rs 440 lakh crore in the previous session, investors ended up losing approximately Rs 17 lakh crore in a session, Mint reported.
At a time when memes are used to comment on current affairs on social media, the stock market crash can hardly be ignored.
Here are some of the most popular ones dominating social media:
Meanwhile, market experts have cautioned against the 'buy-the-dips' strategy. It might have worked well in the past, but given the heightened uncertainty in global markets, investors would be better off playing it safe for now, they stated.
Market veteran Ajay Bagga anticipates further selling pressure though he feels this downturn may be a temporary blip in a structural bull market.
"The correction presents an opportunity to reassess risk appetite and asset allocation," he said, adding, "If the market structure holds, we could see a sharp recovery. Staying out of the market poses a greater risk than enduring a short-term drop in portfolio values. Stay invested."
Unmesh Sharma of HDFC Securities Institutional Equities (HSIE) advises investors to let the dust settle before jumping in to buy shares. "While India's long-term outlook remains positive, global uncertainty needs to subside first," he said. Sharma also suggests that for those looking to put money, safe havens like consumer staples, pharma, select IT stocks, and large banks should be given priority.
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