The selling pressure was broad-based today with all the sectoral indices trading in the red. Pharma stocks were among the major losers amid US regulatory concerns. Divis Laboratories fell over 10 per cent.
Domestic brokerage Angel Broking in a note said that the correction in the Indian markets is at its last leg. “Such tail end corrections should be used as opportunities to time delivery based buying rather than creating short positions,” the brokerage said.
The Nifty index has fallen over 7 per cent since the November 8 announcement.
Despite the weak trend in Indian markets, some market participants say there could be a pre-Budget rally on the cards on expectations that the government may announce major steps to prop up the demonetisation-hit economy.
(Sourced from agencies, feature image courtesy:oneindia.com)
