Top stocks to buy for long term: The Indian stock market has been under strong pressure this year due to heightened geopolitical tensions, elevated oil prices, and massive foreign capital outflow.
The Nifty is down more than 12% this year so far; from its all-time high of 26,373, the index is down 14%.
Pankaj Pandey, the head of research at ICICI Securities, underscored that markets are currently navigating a phase of heightened volatility, with the Nifty and broader market indices witnessing a meaningful correction from their recent highs.
However, Pandey added that the weakness is less a reflection of any fundamental deterioration in the domestic earnings cycle and more a consequence of a confluence of external pressures - elevated crude prices, rising domestic and global bond yields, and heightened geopolitical uncertainty.
Pandey pointed out that the underlying earnings picture remains encouraging.