Covid-induced market correction to likely continue: Credit Suisse Wealth

Foresees further profit booking in coming weeks; advises investors to look at market corrections as a buying opportunity from a 6- to 9-month perspective

The ongoing market correction triggered by a spike in covid-19 infections is likely to extend, says ‎Credit Suisse (CS) Wealth Management.

“We believe the equity market could see some further profit booking in coming weeks, but we expect this correction to be very sharp and to not last long,” said strategist Jitendra Gohil and Premal Kamdar at the investment advisory firm in a note.

The benchmark Sensex on Tuesday closed at a near three-month low. The index has come off by more than 8 per cent from its all-time high of 52,104 on February 15.

“While the concerns over rising