Experts' advice buy on dips; cautious on Infosys buyback offer

Indian markets consolidated today, ending at a low at the end of day’s trade. Nifty gravitated to 8,741 before recovering back and ending at 8768.30. In the meantime Sensex ended day’s trade at 28335.16 losing 0.37 percent. Sensex as well saw a recovery post a scare where it saw lows of 28,239.12 proving that it is a buy on dips market.Ashwani Gujral of ashwanigujral.com said the market is now planning to move sideways towards a 8650-8850 band. He said given the situation midcaps will outperform and that people should not worry too much. According to Gujral one should buy strong stocks on every decline. He added that he anticipates a bigger move tomorrow post the policy announcement by Reserve Bank of India (RBI).SP Tulsian of sptulsian.com commented on MRPL stating their numbers to be very impressive. He said MRPL performed very well on all parameters and may have posted their best quarterly performance ever with an earnings per share (EPS) of 3 plus.Dipan Mehta, Member of BSE & NSE said just because Infosys is planning for a buy back one should not expect the stock to rally. He added that the offer to buy back stocks will not help the structural problem that the industry is facing, however, he quickly added that one should expect some arbitrage positions getting created because of the offer. According to Mehta one should pursue growth rather than stagnation and should be careful while buying a stock.In the interview Mitessh Thakkar of miteshthacker.com and Deepak Shenoy of Capitalmind.in also gave stock specific views.