India's benchmark equity index Sensex slumped more than 400 points on Friday, following losses in Asian peers.

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Mahesh Nandurkar, India strategist at CLSA, spoke to CNBC-TV18 about the stocks market correction and concerns with regards to the US visa.

Talking about the NBFCs, Nandurkar said, “We have been cautious on the overall broader equity markets for some time and within that we have been very selective on the NBFC space as well. So that view doesn’t change as such.”

“In any equity market correction, we have looked at several such corrections globally driven, locally driven over the last 10-15 years. In all such market corrections it’s the financials that always underperform,” said Nandurkar.

On the India front, Nandurkar said, "We are seeing further downside in the market. We do not think Indian market has corrected enough yet."

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First Published:Oct 19, 2018 11:10 AM IST