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Nifty to cross 5100; infra, banking best bets: Quantum Sec
It is time to start buying in India, says Sanjay Dutt of Quantum Securities. He expects the Nifty to cross 5,000-5,100 within a few days. “The Indian market corrected in line with global markets. However the extent of correction was surprising."
Q: As an investor how excited are you by these FPOs that the government has lined up over the next few weeks, would you be a buyer there or do you think its better looking at some of these niche IPO stories such as the one that listed today?
A: I think it's better to look at some of the niche IPO stories. Yes, the FPOs do look good, but you have got a big problem in there, you have got a listed stock there and you have got pricing issues, which come in as soon as you announce FPO. You have some amount of movement whether one can say operator or otherwise or whatever that maybe that is what takes the sheen off the entire deal that is on the table, as far as government FPOs are concerned.
So government has to figure out what the government's agenda is because from the NTPC experience I am sure they have learnt how to handle this ahead. So till that is sorted out I would prefer taking exposure into some of the niche IPOs that are coming out which are reasonably priced. I think they are more reasonably priced after the debacle we have seen in the markets over the last two weeks. All those who have got offering in the pipeline would relook at pricing, relook at positioning. But more than anything I think there is good amount of potential there in the select midcaps in the secondary markets itself, so I would still prefer taking exposure to good quality midcaps than putting my money into even niche IPOs.
