Shares market fell sharply today to touch an intraday low of 16,838 at BSE Sensex. The markets were going through the fear of debt crisis spreading further. It recovered some part due to buying seen in auto sector. But largely shares market remained volatile and traded in narrow range. The Sensex finally ended 236 points lower to close at 16883 and Nifty ended at 5069 down by 80 points.

Shares market across Asia were struggling and global worries contributed a lot to the fall of markets today. Though, this fall doesn’t come as a surprise but at the end, it added fuel to the already raging fire in the shares market.

Shares market also had to digest the downgrade of India’s growth by Macquarie, which also had a negative impact on it. Shares market has been trading in this fashion for some time and short term bets are not paying off.

This is an ideal time for sit and watch along with cherry picking the quality stocks. Stocks like Cipla are very good for long term portfolios and investors with long term horizon can easily shoot big birds. Lot of large cap stocks is available at discounted price and investors can take this opportunity to build their portfolios.

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