Prepare, do not panic & do not sell, this is not 2008. I have bought all the indices: Ajay Bagga

economictimes.indiatimes.com:

Ajay Bagga, Market Expert, says Prepare for the worst scenario, do not panic, that is the mantra. I do not think the worst is happening. Re-look at your asset allocation. Do not sell. There is no need to sell India in a scenario like this. Bagga says he has invested in the entire market and bought the indices. There will be a rotation out of sectors and into sectors. He knows the India story and so he bought the 500 indices, and smallcap and midcaps despite the 4% cuts.

Bagga also says that this is not 2000, this is still not 2008, there is no contagion yet even though markets across the world are falling but it is not carried positions and contagion that is causing it.
Are the markets reacting to yesterday's story or not? After a sell-off of this magnitude, concerns remain over what is happening in global markets and you wonder how insulated India is going to be. What is your view?
Ajay Bagga: Definitely, the sentiment has turned quite negative and volatility has increased a lot.

See where the VIX is both for India and the US and with the Japanese market seen unwinding in a very disorderly manner. Despite having had a year to see that there is a new Bank of Japan Chairman and rates will go up in Japan, we are still seeing a very disorderly unwinding because the favourite trade was to short the yen and buy the big tech in the US. Other trades that worked were shorting the yen and buying the Mexican peso, shorting the yen, and buying the Aussie dollar.

All three trades have become unstuck. Both sides are giving pain.