Bernstein sees no upside in Indian market despite slide
Despite recent significant market corrections, Bernstein is cautious in predicting a broad buying opportunity in the Indian market. Both Sensex and Nifty have experienced notable declines since late September, but the brokerage sees potential in s...
By ET Bureau | Updated:
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Bernstein said it is unable to spot a broader buying opportunity in the Indian market despite the recent slide in stock prices.
"One would think that given the significant corrections, over half the basket should be a screaming buy. The reality isn't quite so," said the brokerage in a note.
The Sensex and Nifty lost nearly 15% each since the onset of the market downturn on September 26. On Thursday, the Nifty fell 73.30 points or 0.3% to close at 22,397.20. The Sensex declined 200.85 points or 0.3% to 73,828.91.
Financial markets will remain closed in India on Friday on account of Holi. Bernstein said it would be a selective buyer in large cap stocks, especially in power and information technology.
"One would think that given the significant corrections, over half the basket should be a screaming buy. The reality isn't quite so," said the brokerage in a note.
The Sensex and Nifty lost nearly 15% each since the onset of the market downturn on September 26. On Thursday, the Nifty fell 73.30 points or 0.3% to close at 22,397.20. The Sensex declined 200.85 points or 0.3% to 73,828.91.
Financial markets will remain closed in India on Friday on account of Holi. Bernstein said it would be a selective buyer in large cap stocks, especially in power and information technology.
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