Sensex crashes, Nifty below 16,550: This is not the time to sell out, says expert

Sensex plunges over 1,850 points, Nifty cracks below 16,550. In an interview to CNBC-TV18, Sanjay Dutt of Quantum Securities and Aditya Narain, Edelweiss Securities spoke at length about the market sell-off.

Both headline indices tumble more than three percent after a steep gap-down start to the day. The Sensex falls as much as 1,856.7 points to 55,375.3 and the Nifty50 slides to as low as 16,546.8, down 516.5 points from its previous close.

First up, Dutt said, “Just sit out. If you are long and you know you are sitting on good stocks you invested in, you do not need to worry because you are invested for longer-term, but do not panic and sell your position; this is not the time to sell out.”

“Let the volatility die out a little and then start looking at your portfolio again,” he said.

Meanwhile, Narain said, “At the market level, one should look for a certain level of stabilisation; at a stock level, if you set your sight on a particular stock and you think that fair level has come then you could be a bit more aggressive. However, at the market level, you should rather seek stabilisation rather than be very presumptuous on this being a bottom or beginning of the fall.”

For the entire discussion, watch the accompanying video