Here's what SP Tulsian has to say about the state of market

A weak GDP data, a sharp fall in the rupee and worries around PSU banks proved to be a heady cocktail for the bulls who simply ran for cover in trade on September 3.

Sensex and the Nifty ended with cuts of over 2 percent. Nifty breached the 10,800 mark after five sessions and Sensex lost nearly 800 points. Midcaps and PSU banks got battered in trade as the government move to merge 10 PSU banks into four failed to excite investors.

SP Tulsian shared his views and outlook on fundamentals of the market as well as on some of the sectors.

"This is a combination of all four negatives. First, we had the disappointing gross domestic product (GDP) figure for the first quarter. Second, auto sales numbers continue to be weak. Third, the goods and services tax (GST) collection having come below Rs 1 lakh crore and fourth is a lower index of industrial production (IIP). So the combination of all these four negative news flows have made the market weak," he said.

"The main reason which seems to be plaguing the market is the performance of financial stocks. So you had all the negative outcomes seen in these last two-three days which has been reflected into the market today," he added.

Speaking about Mahanagar Gas (MGL), Tulsian said, "This is an opportunity to buy MGL because after the British Gas having exited, you don’t have any other fear. This disruption is just temporary and definitely the things will get resolved."