After BSE benchmark Sensex crashed nearly 770 points and the NSE Nifty tumbled over 225 points, Quantum Securities on Tuesday said the market is witnessing a sell-off due to technical and fear.

In an interview to CNBC-TV18, Sanjay Dutt, director, said, "There is a major disconnect across the market. There are a lot of screaming to buy opportunities. There is a major disconnect between prices and fundamentals. So, my view is that this a very good opportunity for people to keep adding to their portfolios."

Dutt said that he is seeing opportunities in the large-cap auto stocks, "I have been very negative on the auto sector for a long time. However, now I am getting a little positive on it and Maruti Suzuki is one stock that is worth looking at as it has the ability to transition to the new environment and new model that is essential to survive."

According to Dipan Mehta, director at Elixir Equities, the market is getting spooked by the gross domestic product (GDP) number and the auto sales, "We are seeing a fresh slew of selling after the market stabilised in the morning. I think more FII sells are coming into play at this point in time. However, the only silver lining is that the midcap index has not fallen as much as the large-cap index."

Mehta said technology is a good safe place to hide and generate some positive return, "There is a lot of uncertainty around earnings visibility and further bad news may come on account of any of the domestic factors, or even some stress in the NPA side as far as banks and NBFCs are concerned. So, it looks like a safe haven for the market at this point in time."

First Published:Sept 3, 2019 4:37 PM IST