Indian equity benchmarks Sensex and Nifty50 suffered deep losses amid a broad-based sell-off after Russian President Vladimir Putin announced a military operation in Ukraine.

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Speaking to CNBC-TV18, market watcher Nilesh Shah of Envision Capital, said that it would be good to keep some cash in hand in case the market corrects further.

“There could be another 5-10 percent decline in the next few days given the uncertainty we are seeing is something which cannot be entirely factored in. So one should keep some powder dry.”

As many as 77 stocks have hit 52-week lows as Sensex has nosedived nearly 2,100 points and the Nifty50 has cracked below the 16,450 level, at the time of publishing.

For investors, looking to buy on dips, is it time to go a little aggressive?

“SIP is clearly a disciplined approach to investing and that is something which should be kept intact. In addition to commitments to SIP, in case if they have additional surplus it will be a good time to kind of start allocating even on an adhoc surplus kind of basis. The current spate of declines should also be used to start making some lumpsum investments in the market”

Shah also believes that there are some stocks that have started to look up now and added that PB Fintech is looking up post correction.

“We have been cautious on Zomato so far but now with the price shave off that we have seen, we are beginning to see value emerge in some of these new pockets. One of the names that we now find very attractive keeping in mind the long term prospects is PB Fintech (PolicyBazaar) which is down quite significantly from its post listing highs. So PB Fintech is one name that stands out for us and we are using this current opportunity to add to that.”

For the full interview, please watch the video

For a ball by ball commentary of how the markets are faring today (Feb 24), click here

To know the latest on the Russia-Ukraine crisis, follow our LIVE blog

(Edited by : Abhishek Jha)

First Published:Feb 24, 2022 2:48 PM IST