The new Covid variant found in South Africa derailed most global markets, including India, which saw the S&P BSE Sensex tank over 1,400 points in intraday deals.
Although we remain structurally positive on the Indian markets and economy, we don’t rule out near-term hiccups,” wrote Amnish Aggarwal of Prabhudas Lilladher in a recent note.
“Our research suggests that 57,200 may act as support for the Sensex.
G Chokkalingam, founder and chief investment officer at Equinomics Research, on the other hand, believes that the markets overreacted to the development on Friday.
That said, if someone has the risk-taking capacity, allocation can be made to defensive plays such as pharma and fast moving consumer goods stocks at lower levels,” he advised.
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