Pashupati Advani of Globalforay told CNBC-TV18, "If fresh money is coming it is definitely going into IT and pharma because those seem safe, those seem what India is proud of, so that is where the first money is going.""We are also seeing some peripherals of money coming into stocks like ITC or Asian Paints as well as some of the private sector banks. You haven’t yet seen the wash into the public sector except for State Bank of India (SBI) which is a big part of the index but the others like Bank of Baroda and Punjab National Bank are not as well appreciated as SBI. So, from the foreign point of view it is probably better to also wait because you are also looking at a huge calendar - Coal India is supposed to come in the next 1-2 months and that is Rs 23000 crore looking for a home. I have always been a believer that it has been demand and supply that runs this market first and this is supply. So, I don't see where the money is coming in to take it away, "he added.
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