All indices except FMCG were in the red with Reliance and HDFC were the major contributors to the fall and shares like JSPL & Cairn India were trading at 52-week low.
Excerpts from Closing Bell on CNBC-TV18 Watch the full show »
The Indian equity market saw widespread selling in the last hour of trade with the Nifty slipping to its lowest level since July 13, 2014. The Sensex fell 349.99 points or 1.33 percent to close at 25999.34, and the Nifty was down 115.80 points or 1.47 percent to 7748.20.
All indices except FMCG were in the red with Reliance and HDFC were the major contributors to the fall and shares like JSPL & Cairn India were trading at 52-week low. This correction that led to the India VIX trading and later closing at 3- month highs, is the perfect opportunity for investors to enter the market if they missed out on earlier occasions, believe experts.
In an interview to CNBC-TV18, Sanjay Dutt, director, Quantum Securities; Sudarshan Sukhani of s2analytics.com; Kunj Bansal of Centrum Wealth Management; Deven Choksey of KR Choksey and Phani Sekhar of Angel Broking all give investors the thumbs up to turn buyer on Friday.
The markets fell on a massive fall seen in European markets, stoked by fears over Greece debt crisis.
However, Sanjay Dutt believes this is just a temporary sellout and the global factors won’t affect the Indian markets for far too long. On the contrary, referring to the fall in crude prices, he says that commodities are working in India’s favour.
“There’s nothing negative in the India market per say. These issues won’t affect us and India will outperform in the next six months,” he says.
This fall, he says, gives a good chance for investors to buy good quality names whose valuation would seem attractive now.
Deven Choksey agrees with this view and says that the fall is a mere unwinding of positions as company’s fundamentals remain unchanged. He suggests a buy on Reliance, some infrastructure and agricultural stocks.