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IT, pharma, FMCG must be core portfolio now: Anand Rathi

Devang Mehta of Anand Rathi Financial Services also said that since the market will now take cues from the global markets over the next few days, given there is no major domestic trigger, traders will find it difficult to trade on the upside.

The Indian market crashed Monday with the Sensex losing over 600 points to close at 28845 and the Nifty tumbling 181 points to close at 8757.

Speaking to CNBC-TV18 how to trade market now, Devang Mehta of Anand Rathi Financial Services said it is not the right time to move the portfolio entirely.

According to him, 60 percent of the portfolio must comprise of sectors like pharmaceuticals, IT and fast-moving consumer goods (FMCG). He believes overall these companies reported good set of Q3 earnings and must be a part of the core portfolio.

Mehta also said that since the market will now take cues from the global markets over the next few days, given there is no major domestic trigger, traders will find it difficult to trade on the upside. Traders should be prepared to buy whenever there is a correction of 2-3 percent in the market, he added.  

Adding to the discussion, Sudarshan Sukhani of s2analytics.com said the market will correct though not sure of the timing. He likes  Jindal Steel and Power and recommends buying the stock.

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