Happy New Year, and we get pummeled by a 3% drop in the market which was pretty broad based. The SENSEX, CNX NIFTY and BANK NIFTY are all down 3% today, in what can only be described as a sheer bloodbath on Dalal Street. It is on days like this that your conviction to stay invested in the market takes a beating. All of the recent volatility is attributed to global uncertainty with the continual drop in OIL prices and the EURO crisis focused on the Greece debacle.
Since I have been focusing on financials and banks in particular, my overall portfolio certainly took a large hit today. However, I did use this opportunity to rustle up some free cash, and invest in the GOLDMAN SACHS BANK BEES ETF, that I had mentioned a few days earlier. I am still a believer in the overall India growth story, and feel this pullback is a good investment opportunity. I know I am effectively timing the market here, which is never a good strategy, but this is money that I should have had in the market in the first place, so what better time than now to put it in.
Here is hoping that the Greece crisis blows over, and things settle down on the global front!