The market is continuously falling on China’s collapse. The Sensex is down 506.15 points or 1.8 percent at 27665.54, and the Nifty slips 156.25 points or 1.8 percent at 8354.55. About 666 shares have advanced, 1859 shares declined, and 134 shares are unchanged. HUL, Wipro, ONGC and Hero MotoCorp are top gainers in the Sensex. Among the losers are Vedanta, Tata Motors, Hindalco, Tata Steel and HDFC. The Nifty is likely to fall to 7800-7900 levels in the near to medium term, says Tirthankar Patnaik, India strategist at Mizuho Bank. However, from a one to two year perspective, Indian equities will outperform other asset classes and global peers. "Going ahead, we are likely to enter a goldilocks situation with lower fiscal deficit, current account deficit, inflation and commodity bill," he told CNBC-TV18. He sees meaningful downside in commodity stocks if Nifty heads to 7900. According to Patnaik, the market has been so focussed on Greece that it hasn't yet taken into account what is happening in China. He advises investors to stay away from sectors such as commodities, cement and public sector banks. He is bullish on companies with a global exposure, ex-commodities.
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