Are Indian stock markets due for a short-term correction?2 min read 19 Oct 2021, 04:49 PM IST
Long-term investors however are advised to stay invested in the stock market where any meaningful correction should be taken as a buying opportunity to enter into quality stocks, says Santosh Meena of Swastika Investmart
The market witnessed a sharp sell-off after hitting new milestones and we are seeing the first sign of distribution in the market as the Nifty and Sensex ended with the mild cut but the real pain was in the broader market because the Nifty Midcap index ended with a cut of more than 2%. The fall was led by the names who were top performers in the last few days like IRCTC and Tata Power. Heavyweights like Infosys, HDFC Bank, Reliance, and LT kept the market higher however FMCG giants HUL and ITC were top losers in the index. Lower volume growth put pressure on HUL while ITC witnessed a cut of more than 6% after govt constituted an expert panel on future taxation policy for tobacco.
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