The nervous mood among investors is because of concerns over surging oil prices, weakening rupee and rising bond yields.
With the market sentiment turning worse, analysts advise taking refuge in large-caps.
Mid and smallcap indices have slipped 8 per cent so far in May.
Valuations are not attractive and macro environment is deteriorating: Krishna Memani
Money managers said that BJP’s loss in the state has been factored into 2% fall in the indices.
Most PMS firms have been instrumental in driving up prices of smallcap stocks.
It is not yet known which firm Laijawala is headed to next.
"The current account deficit and NPL issues are not so big as to somehow derail India’s growth."
Some money managers believe that a coalition of BJP and Janata Dal would be on expected lines.
CLSA, while maintaining ‘buy’, raised target price on the stock to Rs 3,150 from Rs 2,800.
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