"Both weak global cues and Reliance Power listing came at the same time and that sent the market into a tailspin today," said Sandeep Shenoy, strategist at PINC Research in Mumbai. "Investors should stay out in this market."
"I expect the market to remain soft in the near term. It will take some time to return to higher levels," said Jayesh Shroff, a fund manager with SBI Mutual Fund.
The index's drop below 17,200 could take it down to 16,100-16,500 Religare Securities said.
Sustained withdrawals by foreigners from the Indian market has also added to the selling pressure, said Sejal Doshi, chief executive of Finquest Securities.
"It will definitely hit investor sentiment in other IPOs as new entrants in the market will think several times before pricing their offer aggressively," said D.D. Sharma, vice president at Anand Rathi Securities.
"I expect the market to remain soft in the near term. It will take some time to return to higher levels," said Jayesh Shroff, a fund manager with SBI Mutual Fund.
The index's drop below 17,200 could take it down to 16,100-16,500 Religare Securities said.
Sustained withdrawals by foreigners from the Indian market has also added to the selling pressure, said Sejal Doshi, chief executive of Finquest Securities.
"It will definitely hit investor sentiment in other IPOs as new entrants in the market will think several times before pricing their offer aggressively," said D.D. Sharma, vice president at Anand Rathi Securities.
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