It was a disappointing session for the equity market with both the Sensex and the Nifty closing at 13-month lows. Sensex closing over 200–points down at around 25,453 and Nifty around 7717. Bank Nifty was the weakest, closing over 270 points around 16252.
However, according to Sudip Bandopadhyay of Destimoney Securities fundamentally, the market is still not looking bad and says there are certain pockets that look very attractive at current levels. However, he cautions investors to buy selectively into good names like largecap IT, which has been performing well and some of the pharma names like Sun Pharma, which is showing growth potential.
Devang Mehta, Anand Rathi Financial Services believes the correction in the banks is not yet over and that there some more pain left in them, especially PSU banks in terms of NPAs, atleast for the coming two quarters or so. But if one has a two-year horizon then they could look at an SBI or Bank of Baroda but none of the midcap PSBs, says Mehta.
He is very upbeat on ICICI Bank, which according to him is now almost quoting at PSU bank valuations.
Larsen and Toubro according to Mehta is a stock to own in ones portfolio, especially for those who believe in the India growth story.
However, he is not yet worried about the poor sales numbers from auto companies and says one should wait before downgrading them till the festive season is over.
Meanwhile, Bandopadhyay is bit skeptical on Escorts although the stock has done well in the last few months and would be cautious on it at current valuations.
In the same interview, Sudarshan Sukhani of s2analytics.com also shared his views on the market and stock ideas
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