Domestic equity markets recovered from day’s lows after suffering bear hammering amid nervousness in the global markets amid China’s tech crackdown and ahead of the outcome of the US Federal Reserve’s policy meeting nudged investors to book profits. The frontline S&P BSE Sensex declined 360 points to trade at 52,217 levels. The Nifty50, on the other hand, held the 15,600-mark and was at 15,644, down 100 points. Broader indices fell in-line with the benchmarks as well. Vinit Bolinjkar spoke to Money9 to share insights on how much further can the markets slip from current levels.
“Have been cautious on the markets since it slipped below 15,800. Believe the sector rotation will move back to the largecaps although there are headwinds. See banks and pharma sectors to face selling pressures. While in the short run this may be done but as the new story unfolds with more companies coming out with such concerns there could be further selling”, he said.
He also believes with the heightened activity in the IPO space there could be some more subdued action in the secondary markets going forward. He believes the Nifty could correct about 400 odd points.
“I would be a buyer on deeper declines rather than these small falls. Don’t believe the market correction is over.”
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