Most global stocks dropped, with investors pruning their bullish bets as rising Covid-19 cases sparked concerns about corporate earnings and economic revival
The S&P BSE Sensex plunged 1,172 points in the intra-day deals on the BSE, while Nifty50 index tanked 342 points on the NSE
The S&P BSE Sensex fell 812 points by close to 38,034 levels while the NSE's Nifty slipped below the crucial 11,300-mark, down 254 points, or 2.2 per cent, to end the session at 11,251 levels.
Mid-and-small-cap stocks have seen a significant impact in this correction and the fall is giving a good opportunity to add good quality mid-and-small-cap stocks in our schemes, says Patil.
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Analysts however believe looking at Nifty valuations could be misleading as several of its components trade far below their long-term averages
The PE for the SmallCap index 250 was 99.78 on March 22, according to the NSE
Large-cap funds, dynamic asset allocation and debt funds (credit funds) are the three suitable picks to invest in at this point of time. Also, one should continue with their SIPs