March 10: The Slide Continues

The correction that started in January hasn't taken a break. Like a production bug that you thought was fixed but keeps reopening — this one's persistent. Nifty is now around 24,261 — that's 8% below its January peak of 26,332. Sensex at 77,539. For context, we were at 85,000+ just two months ago. That's a 9% haircut. Not the "just a trim" kind.

Three things, and none of them are new:

1. 1.Global trade uncertainty: The US-India deal was great, but US-China and US-EU tensions are escalating. Markets don't like uncertainty, and right now uncertainty is all there is.
2. 2.FII exodus: Foreign investors have continued selling through February and into March. The strong dollar and better-yielding US treasuries make India less attractive for global money.
3. 3.Earnings reality check: Q3 results have been mixed. Some sectors (IT, Pharma) are holding up, but consumption names are struggling. The earnings recovery that everyone was counting on? It's taking longer than expected.

Here's the counterpoint. At Nifty 24,200, more stocks are entering "Undervalued" territory than at any point since the October 2024 correction. Quality names with strong balance sheets are now trading at valuations we haven't seen in 18 months.

The math is clear: if you believe Indian businesses will earn more in 2027 than they did in 2025 (and most analysts do), then today's prices represent a wider margin of safety than what was available in January.

But — and this is important — lower prices don't mean "buy everything." They mean "the models are finding more opportunities." Whether those opportunities match your thesis and risk appetite? That's your call.

Nifty 50: ~24,261 (52-week range: 21,743 – 26,373) Sensex: ~77,539 India VIX: Elevated — expect continued volatility FII net: Sellers | DII net: Buyers Sectors in green: IT, Pharma Sectors in red: Metals, Realty, PSU Banks