Finally after a lot of dithering, the global markets caught the sub-prime flu and what a crash it was. India was the worst performing market today. Almost 1400 points (7%) down in a single day. None of the stocks were spared. Every sector was in the red.
Now is the time for bargain hunting. Whoopie. Am gonna buy now. FMCG, Pharma, Banks, Infrastructure, Finance, Real Estate, everything is damn cheap now. Nothing has changed in a day or two. The India growth story is intact. The fall was more of a sentiment thing regarding the sub prime crisis in the US market and also the market has been going up almost daily. A correction was inevitable. Yes, a portion of my portfolio is in the red, but then Iam not concerned, cos am here for the long term.
I know it wont be prudent to say, but i wish for more such days. Now is the right time to buy. Like the pundits say
Buy when everyone sells and sell when everyone buys.
Above pictures courtesy: Rediff