Q: 2020 is ten years from here but what about near-term? How are markets looking to you? Do you think 5300 will be able to be crossed and we will be able to make new highs?
A: I have constantly maintained that we are seeing significant amount of supply of paper. Fundamentally, things are very good. So while we are in the midst of very vibrant market, the market will tend to be more range bound than going unidirectional in particular direction primarily because at every level you will see significant supply of paper. Government of India will do about Rs 35,000-55,000 crore of disinvestment depending on how the markets are next year.
I think private sector also is extremely aggressive in terms of the amount of paper supply that we will see. This should form some kind of a cap on the market. Having said that I do not see the markets going away because liquidity is good and people are going to be constantly looking at India opportunity. If India opportunity is as strong as we believe it is, we do not think the markets are going to take downturn anytime soon. So I would be cautious on the upper end of the range, be more stock picking oriented than market picking oriented at this point of time and we will continue to maintain that view for maybe in the next one-two quarters.
