Pri Market Commentary ...

Today, market may correct further as Asian markets are trading very lower,but for the day, we may see some bounce back after yesterday's carnage. Stick to the defensive sectors like IT (given circumstance it is defensive for time being), Pharma and FMCG and stay away from the risky ones like Real Estate, Infrastructure and Capital Goods. Of course you can argue that the beaten down ones will recover fastest. But we are worried it may take longer. So be on the defensive.

Also, small- and mid-cap stocks could be risky, especially now. On the other hand, quite a few large caps have fallen to attractive levels. Long-term buying can be considered in these stocks.