The market, which fell close to 100 points today, is still on its bull run, believes Jagdish Malkani, member of NSE.
Speaking to CNBC-TV18, Choksey said, “No one can attribute any fundamental reason to this particular fall and I would think that the market is largely behaving under a nervous sentiment.â€
Global tremors arising out of the turmoil in China is the biggest factor driving stock prices down, says Jagdish Malkani, Member, NSE.
Bank stocks reacted negatively to Reserve Bank of India Governor Raghuram Rajan‘s comments. The RBI has said that accounts under SDR (strategic debt restructuring) may attract early provisioning. RBI‘s annual financial inspection process ensures clean up of bank balance sheets by March 2017.
As most companies reported howlers in the quarter ended September 30, Nifty sunk below the key 8000 mark on Monday, first time since October 1.
Devang Mehta of Anand Rathi Financial Services says the Indian market will start performing well in the upcoming days.
Additionally, there has been a 300 basis points reserve requirement cut for financial and auto leasing companies and a 50 bps cut in reserve requirement for rural commercial and rural corporate banks.
Jagdish Malkani, Member of NSE believes 8000 to be a strong support level for Nifty, and is bullish on private sector banks.
Jagdish Malkani, Member BSE & NSE spoke with Nigel D‘Souza & Sumaira Abidi on CNBC-TV18. He shared his reading of the market and his outlook.
According to Sanjay Dutt of Quantum Securities the sudden fall in the market is nothing much to be perturbed about and could be termed as a healthy correction in a strong bull market.
The government's decision to not do away with MAT levied on FIIs retrospectively has taken a toll on Indian equities, according to stock brokers.
The Sensex fell 244.75 points or 0.84 percent to 28799.69 and the Nifty was down 83.80 points or 0.95 percent to 8750.20.
With the market falling again after a savage fall yesterday, CNBC-TV18‘s Nigel D‘Souza and Sumaira Abidi spoke to veteran broker Jagdish Malkani to get his views on the market. “The bull market is not going to go away in a hurry,†he said. “8,500 should be a very big support level.â€
Jagdish Malkani, Member, NSE is happy with the possibility of Aam Aadmi Party winning the Delhi elections despite the fact that the new party may initially incorporate some populist measures. According to him, if BJP loses in the capital, it will be a good wake up call for the party.
Jagdish Malkani, member, BSE & NSE says investors should be wary on the midcap space.
According to Sukhani, IT sector is coming out of a very minor correction making defensive stocks candidates for an upside.
Jagdish Malkani, Member at BSE & NSE prefers Tata Motors.
Hero Motocorp and Maruti Suzuki remain great stories from the auto space, says Jagdish Malkani, Member BSE and NSE.
Hero Motocorp is a great play on the consumer story, no doubt about it but at these prices I would still be cautious and as I said first of all there is the entire scooter phenomena, says Jagdish Malkani.
"I am willing to pay about Rs 50-55 for this but beyond that it definitely gets to be a stretch. It is the shortage of supply that is creating this froth," says Prakash Diwan, Director at Altamount Capital Management.
Despite the recent run up in pharma stocks, this week, problems related to the US FDA have made a come back. Jagdish Malkani, member at BSE and NSE believes though the Indian pharmaceuticals industry is a great play, investors should not get carried away with it.
Jagdish Malkani, member, NSE prefers Godrej Properties within the real estate space.
Jagdish Malkani, Member of NSE and BSE advises picking Mahindra & Mahindra Financial Services at current level.
Jagdish Malkani, Member at NSE expects 50 percent rise in Godrej Properties.
According to Jagdish Malkani, Member at NSE, one may prefer Tata Consultancy Services within the largecap IT space.