The market fell sharply on Friday, especially after recovery since the start of week following sharp correction. It was majorly dragged by Infosys, which is one of index heavyweights, after Vishal Sikka resigned as company's CEO and MD.
Last week also the market lost 3.5 percent (due to geopolitical tensions, SEBI's announcement of 'shell companies' list and disappointing numbers towards end of Q1 earnings season) followed by sharp recovery in current week.
These are minor hiccups and led the intermittent correction in the market, which is good for investors and traders who lost opportunities in current structural bull run.
Analysts lowered their earnings estimates for current financial year 2017-18 but are still hopeful for recovery in second half of FY18 and strong growth in FY19. The growth will be driven by likely government's high spending ahead of 2019 general elections, rural growth post good monsoon, reforms etc.
Small correction can be possible but the major fall is unlikely in the market as it has strong liquidity support (from FIIs as well as DIIs), Inderjeet Bhatia of Macquarie Research said in an interview to CNBC-TV18.
He is not worried if the market corrects 3-5 percent from hereon, especially after more than 20 percent rally since the beginning of current calendar year.
He advised buying on every correction as fundamentals of the economy are strong and earnings recovery will start from second half of FY18 and will be strong in next financial year.
Long term growth story of India is intact, he believes.
Despite correction in overall market, these 33 stocks hit fresh 52-week highs and of which, 11 touched record highs.
Stocks that hit fresh 52-week highs are PC Jeweller, Kansai Nerolac, Bata India, Gravita India, Centrum Capital, Emkay Global, GVK Power and Blue Star.
Among others, GOCL Corporation, Modern Steels, Victory Paper Boards, SRI Industries, Wall Street Finance, Pennar Industries and Sunflag Iron Steel also touched one year highs in falling market.
Meanwhile, BEML, India Nippon Electricals, Meghmani Organics and Talbros Engineering touched fresh record highs.
SMS Lifesciences, the part of SMS Pharmaceuticals, continued to trade higher since its listing on August 17. Today it was locked at 5 percent upper circuit.
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