Good time for long-term stock picking says expert

The correction seen in the market Wednesday is warranted and global weakness is only an excuse feels market expert Sudip Bandopadhyay who believes it is a great opportunity for long-term investors to pick good stocks. Key indices ended in the red Wednesday with Nifty shedding 78 points to end at 8544 and Sensex losing 284 points to close at 27697.  On sectoral implications from likely passage of GST, Dharmesh Kant of Motilal Oswal Securities believes automobiles, auto ancillaries and consumer electricals segments will hugely benefit. One has to look at mass consumption play and that is where auto ancillaries and consumer electrical could be big gainers, he adds. The brokerage is betting on 18 percent rate for GST which is revenue neutral, he says. Anything above that will be inflationary and the economy can't take that, he adds.Watch video for more.