Would it be right to start a new SIP right now when the stock market is down?
It's always a good time to start your SIP and when the market is down, yes you will benefit. But having said that, if you have been waiting for the correction to start your SIP, then it's a bad strategy because you may stop investing when the market goes up. An SIP should be more aligned with your own savings and investment plan and the thinking should be in terms of when you require this money. Further, aim to stick to your SIP through thick and thin. I think all of these will get rewarded more than trying to guess if the market is cheap and low or high and very expensive.