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Daily Voice | LIC IPO key to revised disinvestment target and FY22 fiscal deficit numbers: Amnish Aggarwal of Prabhudas Lilladher

Ukraine-Russia's risk seems unmeasurable at this point in time. While markets can anticipate the Fed tightening and trend, we don’t know the extent and direction of the Ukraine crisis.

February 24, 2022 / 12:10 PM IST

Prabhudas Lilladher is cautiously optimistic about the stock market. Near-term headwinds such as rising crude oil prices, geopolitical uncertainty following the Russia-Ukraine crisis, and a slowdown in rural demand are a passing phase until the Indian markets decouple from the global markets, Amnish Aggarwal, director of institutional research, told Moneycontrol in an interview.

Aggarwal said the Life Insurance Corporation of India initial public offering, expected in March, will be key to the revised disinvestment target and the FY22 fiscal deficit. Edited excerpts:

The broader markets fell the most compared to benchmarks in the current correction and consolidation. Along with the Nifty 500, the broader markets fell below the 200-day moving average. Is it time to be more cautious and will there be a significant correction in the coming months?

The Nifty has corrected by 8 percent from the peak, but the rout in individual stocks in mid-caps has been of much higher proportion. We are cautiously optimistic. Although near-term headwinds like rising crude, geopolitical uncertainty following the Russia-Ukraine crisis, and a slowdown in rural demand remain, we believe it is a passing phase till the Indian markets decouple from the global markets.