The Indian equity market tumbled on back of macro worries. Dalal Street underperformed as crude oil prices surged.
The 30-share BSE Sensex was down 360.43 points or 1.07 percent at 33,370.76 and the 50-share NSE Nifty fell 101.60 points or 0.97 percent to 10,350.20. The pharma stock too were rattled by USFDA warnings letter to Lupin.
In an interview to CNBC-TV18 market experts SP Tulsian of sptulsian.com, Ashwani Gujral of ashwanigujral.com, Mitessh Thakkar of mitesshthakkar.com, Mehraboon J Irani, MD & CEO, Gini Gems Consultants and Anand Tandon shared views on stocks and outlook for market going forward.
Experts also shared their view on specific stocks like BHEL post the poor set of numbers, Lupin, Cipla etc.
Irani says pharma on the whole could still remain a traders’ delight and there could be stocks on which one could earn 10-20-30 percent from the lows but it is a strict no from an investment angle. According to him, the best for the pharma space is already behind us.
Irani thinks it is very likely that the stock may correct further but if one believes in the India growth story, and the fact the BHEL has got decent orders from power transmission sector, it is a buy at levels of Rs 85-87. It is likely that over the next 6 months it would appreciate 30-40 percent appreciation.
Irani shared his rationale for choosing stocks like Balmer Lawrie and Sinclairs Hotels.
When asked if it was time to deploy money into the market at current levels or wait for crude play out, Tandon says the time for pushing market is long past but if one were looking for specific spaces then commodities are doing well.
For the full discussion, watch video
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