Market sell-off has nothing to do with the budget, says Quantum’s Sanjay Dutt

Sanjay Dutt, director of Quantum Securities, on Wednesday said the market sell-off has nothing to do with the budget.

He said, “Most of the emerging markets (EMs) are cooling off and this is all part of that and selling here is magnifying because we had gone up very fast. Yes, we have a big event coming but we cannot put it to the budget.”

“It’s part of the phenomena we have seen over the years that when we sell-off we sell-off much larger than we try to up. We rarely go up 2-3-4 percent in a day but when we sell-off 2 percent. It’s the nature of the market,” said Dutt.