On Business Today, Ashu Madan, MD of JM Financial, discussed the sharp market decline with Nifty down over 300 points and Sensex plunging nearly 1200 points amid heavy selling in IT and auto stocks. Madan advised investors to ‘stay away from IT stocks’ despite the correction, stating they are not a good buy currently due to ongoing AI-related concerns stemming from Anthropic updates. He emphasised that ‘India has become a trading market’ with a range of 25,000 to 26,300, and investors need to abandon traditional long-term investing approaches. Madan recommended PSU banks, particularly SBI, as his preferred bet. On gold and silver, he cautioned against buying at current levels, suggesting investors wait for a meaningful dip. Regarding Zomato, he stated he exited around 310 levels after it touched 360, citing valuation concerns despite liking the company fundamentally.
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