Book some profits in paint stocks: Ajay Bodke

Ajay Bodke of Prabhudas Lilladher told CNBC-TV18, "In paint stocks I certainly would take some money off the table because our analyst has reduced on Asian Paints. This is because the belief inhouse is that most of the positives, in so far as sharp plunge in raw material cost which are linked to crude and even otherwise have been priced in by the market. The sheer premium that the valuations today some of these stocks enjoy in our opinion leave some vulnerability incase the raw materials were to reverse even slightly. So from that perspective I would say they are fairly valued and one can think of taking some money of the table.”

At 10:29 hrs Asian Paints was quoting at Rs 813.25, down Rs 44.20, or 5.15 percent on the BSE.