Paytm & Zomato: Market expert Rudra Murthy prefers these 2 stocks from new-age space

Rudra Murthy BV, MD at Vachana Investments, recommended shares of One 97 Communications Ltd (Paytm's parent) and recently listed Zomato Ltd in the new-age technology segment.

"Both the counters have not fallen much even when mid- and small-caps are crashing. Paytm, in the negative market, might come down to the Rs 750-700 zone. But, one can buy at current levels and accumulate more on every dip. Zomato is also a 'Buy'," he told Business Today on Wednesday.

With that being said, the market expert advised a cautious approach towards the market. "I will be still sitting with at least 20 per cent-plus cash to deploy during any great opportunity. On a longer timeframe, avoid mid- and small-caps, IT and metals. Be very sector and stock-specific. Big money is made by buying the right stocks in bear market. You cannot make big money in the bull market. You will make big money only when you buy right stocks in the bear market," Murthy stated.

Meanwhile, Indian equity benchmarks resumed fall today after a single-day halt as IT, banks, financials and metal stocks dragged. Broader indices (mid- and small-cap shares) were also down.

15 out of the 17 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty IT, Nifty PSU Bank, Nifty Financial Services and Nifty Metal were underperforming the NSE platform by falling as much as 2.41 per cent, 1.75 per cent, 1.16 per cent and 1.70 per cent. In contrast, Nifty Auto and Nifty FMCG rose 0.69 per cent and 1.78 per cent, respectively.

The overall market breadth was weak as 2,463 shares were declining while 1,120 were advancing on BSE. 181 stocks remained unchanged.