The Indian markets saw an unprecedented fall on counting day after the BJP failed to garner a majority on its own.
What Happened: The markets are seeing some recovery today even as political uncertainty in India politics continues. Many have even suggested that this could be a nice opportunity to buy the dips. However, Anurag Singh, managing partner at Ansid Capital, has asked investors to stay cautious.
“Pied Pipers of markets are now pumping the "long term story" narratives comparing this fall to 2004 & the bull run that followed till 2007,” he wrote in a tweet on Wednesday. The hedge fund manager added this market is not similar to the market in 2004 as valuations today are far higher. “Beware of those who may run you off the cliff. Stay liquid. Cash is king,” he advised.
Markets Today: After a volatile start on Wednesday, the markets are seeing a strong recovery. At the time of writing both benchmark indices were up close to 2.5%. The markets seem to be gaining strength as NDA alliance member Chandrababu Naidu during a press meet confirmed that he is going to the NDA meeting later today.
Read Next: Wondering Why FMCG Stocks Were Up Amid Poll Results? This Brokerage Sees Even More Gains Ahead
Don't miss a beat on the share market. Get real-time updates on top stock movers and trading ideas on Benzinga India Telegram channel.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.