The benchmark indices — Sensex and Nifty50 — closed above day’s low with Sensex ending nearly 1200 points lower and Nifty50 above 16600-mark, an important support level.
Nifty heavyweights such as BPCL slumped most by over 6 per cent, followed by Tata Steel and Tata Motors each down over 5 per cent, while IndusInd Bank dipped over 4 per cent at the market close.
Nair feels that the market is reaching the last phase of this consolidation in terms of price correction.
Investors, on the other hand, can start accumulating quality stocks selectively from a long term investment perspective.