Today’s dip is a volatile move ahead of expiry and not indicative of deeper correction: Rahul Shah, MOFSL

Benchmark share indices Sensex and Nifty tanked on Tuesday afternoon dragged by losses in financial and IT stocks. Real estate stocks, which had surged over 21% last week suffered sharp losses with the Nifty Realty index falling nearly 4%. Broader markets also fell in afternoon deals, with the midcap and Smallcap indices down around 0.7% each.

“This has been the best month in terms of Nifty gains in the last 3-4 series and after that we are seeing slight corrections. See today’s dip as a fall ahead of the expiry and not a sign of a major correction being anticipated in the markets and in most of the pickets which have seen a sharp run up like the IT sectors, some declines pharma and consumption pack”, he said.

He believes the stock markets will still outperform going forward and one should not worry about the current volatile moves.

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