BSE Sensex has fallen below the 65,000 points mark and is trading down 291 points on Friday morning.
BSE Sensex is trading at 64,859 points. IT stocks are leading the fall with TCS, Wipro, Tech Mahindra, Infosys down more than one per cent.
Nifty is down 3 per cent from the July peak of 19979, moving in sympathy with the global cues, says V.K. Vijayakumar, the Chief Investment Strategist at Geojit Financial Services.
There are no immediate triggers that can lead to sharp rebound in the market, he added.
Further weakness in the market will make valuations reasonable. Long-term investors can utilise market corrections to buy high quality stocks in growth sectors like capital goods, banking, automobiles and construction, he said.
Globally stock markets have declined this month. In the US market the S&P 500 is down by 4.25 per cent. This pull back has been triggered mainly by the rising dollar and spiking US bond yields in the US, which, in turn, is in response to the view of most Fed officials that the Fed will have to tighten rates more to rein in inflation, he said.
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