According to Sanjay Dutt, the stocks of several companies had become expensive with their prices running way ahead of fundamentals but with expectation of a further correction, market must use that as a buying opportunity now
The Indian market saw immense selling pressure on Thursday with the Nifty closing expiry below 8350-mark and the Sensex shedding 654 points to close at 27458 led by geopolitical tensions. Banking & financials and technology stocks led the massive fall.
Speaking to CNBC-TV18, Sanjay Dutt of Quantum Securities said the market is nearing the end of the sell-off now though there will be some more correction but that will not be very deep. The market and the experts were building too many positives into the Budget and the Reserve Bank o India action.
According to him, the stocks of several companies had become expensive with their prices running way ahead of fundamentals but with expectation of a further correction, market must use that as a buying opportunity now.
Adding to the discussion, Deven Choksey, MD, KR Choksey Securities said the exposure of foreign investors towards India is quite high. He believes players are off-loading long positions in the market ahead of the truncated trading week.
He likes private sector banks though he's expecting muted performance by public sector banks going ahead.
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