In an interview to CNBC-TV18, Udayan Mukherjee, Consulting Editor of the channel shared his readings and outlook on the market and specific sectors.
According to him, it is conceivable that the market after falling almost 5 percent, in just about a week could give a pullback. Fundamentally, I do not see 9,700 as the bottom, he said.
"It is fair to assume that there is a fairly significant India specific nature to this fall in the stock market, which is hardly global in nature," he added.
Talking about sector specific, he said many of the non banking financial companies (NBFCs) stocks can lose significant ground from here and it is not a technical issue, it's not because they are over owned or because they have valuation froth built into them. It's because the economic picture is getting murkier, he said.
On earnings front, he said this quarter will be presented with a fairly bleak numbers.Watch accompanying video for more details.