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“We are still finding some attractive values around the world including in India in the stocks that have not participated in the market runup. We are very concentrated in India. We own only one stock -- HDFC Bank --and we are not selling.”

Nilesh Sha , MD & CEO, Kotak Mutual Fund speaks about his expectations from Budget 2022 and how it might impact the market.

The Nikkei edged up 0.24% to 27,588.37. Earlier in the day, it fell 1.2% after the S&P 500 and Nasdaq posted their biggest weekly drop since March 2020 last week. The broader Topix inched up 0.14% to 1,929.87.

Miners skidded 1.4%, with South32 falling 4% after the diversified miner warned that COVID-19 curbs may further hit labour shortages at its flagship Illawarra mine.

The BSE IPO index, which constitutes all stocks that debuted recently, is in a bear grip now, down nearly 20 percent from its highs

The pan-European STOXX 600 index slipped 0.4% by 0814 GMT, with Asian stocks also under pressure as investors braced for a hawkish update from the Federal Reserve this week.

“I would say we clearly need to leverage on our strengths as a country in terms of the huge consumption potential that we have - the ability to actually take advantage of the relocation of global value chain or even on the services side of the economy, there is a lot of scope in terms of digital penetration, lot of scope on food processing, new technology, new sectors, green tech etc,” says Sonal Varma.

BofA Securities said higher capex could be achieved from potential large disinvestments of about $33 billion and a likely subsidy cut, mainly on food subsidy as Covid support normalises.

“We will see sharp pull back rallies in some names but one has to be very careful whether this is buy on dip or sell on rally. For me growth stock is the sell on rally and value is buy on dips.”

Analysts are of the view that this weakness in the market is also an opportunity