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May 12, 2010, 09.03 AM IST
The market closed in the negative terrain, reacting to the concerns over implementation of USD 1 trillion package announced by EU and International Monetary Fund (IMF) on Monday. The Sensex closed at 17141, down 189 points and the Nifty was at 5136, down 57 points.
Midcap or largecap?
Midcaps will outperform but one has to be very careful in choosing in taking the bets says Chaturvedi.
Says Maheshwari, “At the most what we have seen is basically on the dips they are there to buy some of the stocks which they like and that is more on the midcap side. But on the largecap side I do not see a much action happening. Again on the higher side there has been sellers in stocks like autos, metals and all but at the higher range of around 5300-5400 on Nifty.”
On telecom sector
Maheshwari says, “Our estimate is that Bharti will spend close to around Rs 8,000 crore as license. So the license fee basically get amortised for a period of time for 20 years a yearly knock around Rs 400 crore to be taken by Bharti. On top of this they have to spend capex to roll out 3G. So the amount has been much more than the market expectation and it will take its toll on the stocks.”
Agrees Chaturvedi that given the kind of commitments that telecom companies are making for 3G and the tariff war situation one needs to be very cautious and careful. “At some point of time the sector would bottom out but I guess one will have to wait for that,” he adds.
Tags: market, Sensex, Nifty, volatility, Ved Prakash Chaturvedi, Tata Mutual Fund, Nischal Maheshwari, Edelweiss Securities, Vijay Bhambwani, BSPLindia.com
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