Indian shares bounced back into the green on Tuesday, recoiling from its 2% losses registered on Monday. However, market pared early gains too quickly without providing any relief to sentiments. Nonetheless, experts feel that investors are not in panic state; on the contrary, they're looking out for stock specific opportunities to invest.
In an interview with CNBC-TV18, Nirmal Jain, chairman of IIFL said that India remains a great market for stock-pickers as it is likely to stabilise and find support at 5-7% downside from current levels.
Talking about Monday's deep cuts, he said, "Market was holding up in face of adverse news and Mauritius issue was just an excuse for sell-off."
According to him, the market is cautious due to investment slowdown and commodity prices. Though Jain feels that market volumes have fallen 25% compared to last quarter, he is against selling any business in the company and points out that it's time to strengthen the equity team. Below is the verbatim transcript of his interview with CNBC-TV18's Udayan Mukherjee and Mitali Mukerjee. Also watch the accompanying video. Q: What did you make of the market
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