Ace investor Rakesh Jhunjhunwala said he is bullish on the Indian stock market and is less bearish on financials now.
Talking to CNBC-TV18, Jhunjhunwala said the NPA threat is overdone so he is less bearish on financials now.
"Defaults in banking are much lower than anticipated in June-July," Jhunjhunwala said.
He is also positive about the pharma sector. "India will become one of the 'pharma kings' of the world," he said.
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Jhunjhunwala believes the manufacturing and services sector will take off in India. According to him, the real estate sector has seen its bottom.
Views on Markets
On where he sees the market going ahead, he says, “I think the money is going to come not slowly, not fast, but in a Tsunami.” “Will reach double-digit growth in the next 5 years,” he further mentioned. He remains bullish on the economic growth prospects ahead for India.
He is of the view that no sector will have linear growth. He thinks we are in a market that will surprise everyone on the upside.
"We will be surprised by the most battered stocks," he said.
“The pace of reforms is picking up and on the market, I remain as bullish as ever. I was extremely bullish in June and I am extremely bullish even today,” said Jhunjhunwala in an interview with CNBC-TV18.
Views on Divestment
Jhunjhunwala believes the government will soon do the strategic sale of PSUs.
"HPCL buyback is a great indicator of how the government is now acting thoughtfully," he said.
Jhunjhunwala believes there will be a re-rating of public sector stocks.
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