Sensex falls 600 points due to heavy selling in Tech Mahindra shares
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New Delhi (Uttam Hindu News): BSE Sensex fell 700 points in morning trade on Thursday due to fall in Tech Mahindra shares. However, there was a slight improvement in BSE Sensex and now it is trading at 70,456.73, down 600 points. Tech Mahindra fell by more than 5 percent due to weak quarterly results. Axis Bank, Sun Pharma are down more than 2 percent.
V.K., chief investment strategist at Geojit Financial Services. Vijayakumar said that as the tug-of-war between FIIs and DIIs continues, volatility will continue in the near term. Investors can use this volatility to make changes to their portfolio.
A significant discrepancy in the market is high valuations in some sectors and fair and attractive valuations in some others. For example, some PSU stocks are flying high. On the other hand, sectors like banking are given a lot of importance and the performance and prospects are good. There is value in a blue chip like HDFC Bank, he said. Rising bond yields in America are a matter of concern. The yield on 10-year bonds, which had fallen from 5 per cent to around 3.8 per cent, is now back at 4.18 per cent. He said one important takeaway from the third quarter results is the improvement in margins in the auto industry.
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