Bear attack wipes out Rs 50 lakh crore from investors’ wealth; Amar Ambani of YES Securities suggests buying these stocks

Market meltdown

The markets saw another bloodbath on Monday, with the Sensex crashing over 1,700 points and the Nifty tumbling below the 17,500 mark. The rout in the markets has wiped out over Rs 50 lakh crore from investors’ wealth in the last two trading sessions.

The carnage was led by financial stocks, which were hammered after the Reserve Bank of India (RBI) hiked interest rates by 50 basis points. The banking index fell over 5%, with HDFC Bank, ICICI Bank, and Axis Bank being the major losers.

IT stocks were also under pressure, with the Nifty IT index falling over 2%. TCS, Infosys, and Wipro were among the top losers in the sector.

Experts' view

Experts attributed the market meltdown to a combination of factors, including the RBI's interest rate hike, fears of a global recession, and the ongoing Russia-Ukraine war.

Amar Ambani, Head of Research at YES Securities, said that the market is currently in a correction phase and that investors should not panic.

“The markets are reacting to a number of negative factors, but the long-term outlook for India remains positive,” Ambani said.

Stocks to buy

Ambani suggested that investors should use this opportunity to buy quality stocks at attractive valuations.

Here are some of the stocks that Ambani recommends:

Ambani said that these stocks are well-positioned to benefit from the long-term growth of the Indian economy.

Conclusion

The market meltdown has been a tough time for investors, but it is important to remember that markets go through cycles. The current correction is likely to be temporary and investors should use this opportunity to buy quality stocks at attractive valuations.

The stocks recommended by Amar Ambani are all well-positioned to benefit from the long-term growth of the Indian economy.