The S&P BSE Sensex plunged as much as 232 points in trade on Thursday tracking selloff in other Asian markets, after US Federal Reserve announced plans to scale back its bond purchases by another $10 billion to $65 billion a month.
The US Central Bank also signalled that it is likely to keep reducing its purchases in the coming months, citing a pickup in economic activity and improvement in the labor market.
Despite heavy sell-off most analysts are of the view that Indian markets might go through bouts of volatility in the immediate short term but long-term investors can start accumulating quality names.
"This selloff will prove to be a buying opportunity in India. Considering the fact that we have a central bank of the world's biggest economy that is tapering because they are confident about macroeconomic growth which is bullish for EMs.
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The US Central Bank also signalled that it is likely to keep reducing its purchases in the coming months, citing a pickup in economic activity and improvement in the labor market.
"This selloff will prove to be a buying opportunity in India. Considering the fact that we have a central bank of the world's biggest economy that is tapering because they are confident about macroeconomic growth which is bullish for EMs.
For stock market news and services visit our website at http://www.marketmagnify.com/stock-cash-tips.php and call us on 0731-6619100
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