Anand Mahindra's tip to stock investors amid market crash: Do pranayama, play the long game
Anand Mahindra's words of wisdom to investors is to «play the long game». His advice to investors is to deploy the ancient Indian practice of Pranayama, breathe deeply and look inwards.
«What I see is an India that is an oasis in the world. Whose Rise will not be impeded in the medium to long term,» Mahindra said in a tweet.
The billionaire businessman was responding to a tweet from 'Indian Tech & Infra' which said that «Stock market crashes all over the world. Indian stock market wipes out more than 10 lakh crore in a single day».
Today, the headline indices S&P BSE Sensex and Nifty fell 3.3% to hit the day's low of 78,295.86 and 23,893.70, respectively. This was a 2,686 points correction in Sensex and 824 points for Nifty.
Among major Asian indices, Nikkei 225 fell the most by over 12% while Hong Kong's Hang Seng and China's Shanghai Composite plunged 1.46% and 1.54%. Singapore's FTSE Straits Times Index also declined by 4.27%.
Amid a bloodbath on the Street, India's headline index Nifty today almost tested the 50-day moving average of 23,840 as it fell to the day's low of 23,893.70 courtesy index heavy weights Reliance Industries (RIL), HDFC Bank and Infosys. The 50-stock index, however, fell below its 30-DMA, replicating a rout in most Asian indices.
While it managed to remain above its 50-DMA, 100-DMA, 150-DMA and 200-DMA, its sharp intraday fall dragged it below 5, 10, 20 and 30 DMAs.
«This significant sell-off in domestic equities has been primarily driven by weak global sentiments following
