Safir Anand Buys Bank Stocks As Markets Struggle In SVB Crisis Aftermath

Value investor Safir Anand believes that oftentimes buying the dip in small quantities, using “contingency funds” could turn out to be fruitful for investors.

What Happened? In a tweet on Thursday morning, the popular investor mentioned that he wouldn’t mind buying bank stocks at the current level, despite suffering from a liquidity crunch for personal reasons.

Anand, in a follow-up tweet in the afternoon, mentioned that he did eventually burn into some of his contingency funds to buy small quantities of bank stocks in the morning.

“Sometimes you should not beg, borrow or steal but simply use your contingency funds. Bought banks as shared this morning. Small is also beautiful,” tweeted the IP lawyer.

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After a volatile day of trade, Indian equities ended the day on the up driven by FMCG, realty, media, and pharma stocks. At market close, the Sensex rose 78.94 points to end the day at 57,634.84, while the Nifty climbed 13.40 points to 16,985.60.

The Nifty Bank index, meanwhile, added 81 points, rising by 0.21% on the day.

With the turbulence at Credit Suisse and the ECB policy announcement looming, investors’ attention appears to have switched to developments in the European market.

Unfavourable signs in global markets, on the other hand, are encouraging investors to move to safe havens such as the dollar and gold, while foreign institutional investors (FIIs) are withdrawing funds from the domestic market in response to the Indian rupee’s depreciation.

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Posted In: Bank NiftyBanking Stocksbuy the dipNiftySafir Anand