Equity benchmarks extended losses in last hour of trade with the Nifty
breaking 8200 level, dragged by ICICI Bank
, Asian Paints
, Tata Motors
and Bharti Airtel
The announcement by Reliance Industries
Mukesh Ambani on the extension of the Reliance Jio offer has hit the telecom stocks hard. Starting December 4 every Reliance Jio user will get data, voice, video and a bouquet of other Jio applications fully free up to March 31, 2017.
In an interview with CNBC-TV18, Sanjiv Bhasin of IIFL says that telecom stocks are an avoid but Bharti Airtel is a buy. He said as the competition intensifies, it might put pressure on the debt. There are rumours that Idea Cellular
would merge with Vodafone.
Prakash Diwan concurs with the thought and says that telecom space has become competitive. The industry does not have place for more than 4 to 5 players. With the Jio offer, it will be tough for the incumbents, said Diwan.
Ashwani Gujral suggested that people should hold on to their long position. Even on banks he said it is the time to go long.
He added that at 8150 level market will find support. Mitesh Thacker of miteshthacker.com also said that 8150 is an important level and a safer bet would be taking long positions on the stocks.
There was a mild impact on auto stocks. Mahindra & Mahindra was down 2 percent. On the performance of auto stocks Diwan said that there is pressure on these companies now but once the situation stabalises, sometime in January it would be a good time to buy these stocks. He betted on Maruti Suzuki
in four wheeler-segment and Eicher Motors
in the two-wheeler segment.
Sandeep Wagle of powermywealth.com made a buying call on UPL
and sell call on PowerGrid
Ashwani Gujral betted on Reliance
. Mitesh Thacker made a sell call on Sun TV
and buy call on Siemens
SP Tulsian of sptulsian.com made no positive call on oil stocks. However, he said, with the crude price hike, Dolphin Offshore
and Deep Industries
can be a buying option.
Sanjay Bhasin added that tyre company Balkrishna
is an outperforming stock.Reliance Jio is part of Reliance Industries which also owns Network18 and moneycontrol.comWatch video for more...