India's Q1FY21 GDP growth contracted by a whopping 23.9% YoY, the first GDP contraction in several decades. Covid-19 induced nationwide lockdown during June quarter severely impacted the overall economic activities. However, agriculture was the only segment that grew 3.4%.
Since there is a serious dichotomy between valuations and earnings of the companies, long term equity investors are advised to adopt bottom up approach while selecting companies and invest only in quality stocks in a staggered manner over the next few quarters.
Investors with low risk appetite for direct equities can continue to invest in equities through mutual funds route. Investors are advised to top up their SIP amount to bring down their average cost.