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Nifty, which continued to correct on Monday, has fallen nearly 4 percent from its three-month high of 10,900 that it hit earlier this month.
Rising crude oil prices, weaker rupee, weak corporate earnings and the political uncertainty in Karnataka dented the market sentiment.
Experts believe the consolidation is likely to continue for a while as investors will closely monitor the movement of oil prices and rupee, and the remaining corporate earnings.
"We expect the Indian markets to remain rangebound in the coming sessions. Further course of market would be dictated by global developments, crude oil price and currency movement in near term," Jayant Manglik, President, Religare Broking said.However, stock-specific volatility would continue with on-going corporate earnings season, he feels. "We would advise investors to accumulate quality companies on dips."
Vikas Jain, Senior Research Analyst, Reliance Securities also said one would have to be very selective in the approach towards individual stocks from the current levels as lot of macros are changing with respect to higher crude prices and rupee weakness against the greenback.
Higher crude oil prices and the rupee’s weakness will continue to act as dampener putting lot of pressure on the fiscal deficit and bond yields in the short term, he feels.
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