As the market paused its seven-session winning run on Wednesday, market veterans Ajay Bagga and Shankar Sharma exchanged views on social media platform X (formerly Twitter) highlighting ways that could work for investors in case of a correction.
Bagga (a former CEO), while sharing a meme which asked "Ye sirf ek chhota pullback hai na? Humne bottom pe buying miss to nahi kar di na?" (This is just a small pullback right? We did not miss buying at the bottom, did we?), wrote, "Whoever made this, H/T to you. Well done. Click on the photo to read the entire message. FOMO (fear of missing out) and JOMO (joy of missing out) both happen in markets. Discipline wins. Patience wins. Perseverance wins."
In response to this X post, Sharma suggested that flexibly accepting a mistake and moving on may work even better. "Flexibility to change perspective works even better. We can be patient/ disciplined/ persevere, with a bad market/ sector/ geography/ bad stocks. Won't help. But flexibly accepting a mistake or a change of era, and moving on, will yield diamonds," the GQuant Investech founder said.
Meanwhile, domestic equity benchmarks halted their seven-day upward run today as banks, financials, media, pharma and energy stocks dragged. The 30-share BSE Sensex pack slumped 729 points or 0.93 per cent to close at 77,289 while the broader NSE Nifty index tanked 182 points or 0.77 per cent to end at 23,487. Broader indices (mid- and small-cap shares) also recorded a sharp dip by sliding up to 1.07 per cent.
16 out of the 17 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty PSU Bank, Nifty Private Bank, Nifty Financial Services, Nifty Media, Nifty Pharma and Nifty Oil & Gas underperformed the NSE platform by falling as much as 1.19 per cent, 0.90 per cent, 1.02 per cent, 2.40 per cent, 0.84 per cent and 1.36 per cent. In contrast, Nifty Auto edged up by 0.02 per cent.
The overall market breadth was weak as 3,115 shares declined while 919 advanced on BSE. 109 stocks stayed unchanged.