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2 ASX blue-chip shares I would buy in today’s market

The S&P/ASX 200 Index (ASX: XJO) has recorded another day of losses today with the ASX 200 down 5.62% to 4,546 points after market close. It could have been worse – the index was looking at losses of nearly 8% around lunchtime, but it seems cooler heads prevailed in the end.

But all of this volatility serves as a reminder of the importance of a strong portfolio foundation in a time like this. Sure, all shares are down massively compared to the start of the year. But I think anyone with a portfolio strongly anchored with ASX blue-chip shares would be in a lot better position right now than any investors stubbornly clinging to ASX growth shares right now.

So with that in mind, here are three ASX blue-chips that I think would make strong and robust additions to an ASX portfolio today.

Woolworths Group Ltd (ASX: WOW)

Despite Woolworths experiencing one of the biggest lifts in sales outside the Christmas period in its history over the past month, Woolies shares have still dropped substantially in the last month. It was only in February that Woolworths was at an all-time high of $43.96 – but today you can pick up some for just $36.45 each.

With restaurants and cafes now subject to lockdown rules, I think more people will be cooking at home (with ingredients from Woolworths) or buying ready-made meals from the supermarket.

This company is almost the definition of a ‘safe bet’ during these trying times (we all have to eat, no matter how much we get locked-down) and so I think would make a solid addition to an ASX portfolio at these prices.

Telstra Corporation Ltd (ASX: TLS)

Telstra is another company that I think will be doing just fine right now. This ASX telco sells mobile phones and fixed-line internet plans – two commodities most people can’t go without these days.

Additionally, working from home restrictions as well as an increased appetite for Netflix and other ‘at-home’ entertainment might even mean customers will be upgrading existing internet plans – which would be good news for Telstra’s bottom line.

The company’s 5G plans, which look set to roll out over the next year or two, are also a potential new growth avenue for the company.

Thus, I think this ASX blue-chip is another solid buy at its current share price of $3.09, especially with a grossed-up dividend of 7.39%.

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Motley Fool contributor Sebastian Bowen owns shares of Telstra Limited. The Motley Fool Australia owns shares of and has recommended Telstra Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.