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it is a bit futile to make sense of stock price movements in the short term given the number of factors at play. Even if we manage to explain these in hindsight, it has very little predictive power, said Gubbi.
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The recent spate of reforms from the govt on the farm sector, as well as labour reforms also seem to have given confidence to the foreign investors on India’s long-term growth potential.
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From a fundamental standpoint when the market corrects another 5-10 percent, the valuations will start looking reasonable again and would present a strong buying opportunity, said Pramod Gubbi of Ambit Capital.
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"Indian market is under pressure largely on account of both domestic as well as global factors. But, in the near term, it will be global cues which will give direction to the Indian market," says Pramod Gubbi of Ambit Capital.
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Pramod Gubbi of Ambit Capital sees a revival in Indian and global markets, but says that he will take money off the table in some cases.
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An untoward outcome of the UP elections could hit market sentiment for a couple of days but the buoyant fund flows will limit decline, according to Pramod Gubbi, Head of Equities at Ambit Capital.
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The ongoing stock market rally is driven by fund flows but has little support from fundamentals, Pramod Gubbi, Head of Equities at Ambit Capital, told CNBC-TV18 Tuesday.
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Speaking to CNBC-TV18 Pramod Gubbi, Head Of Equities at Ambit Capital, said that Donald Trump‘s recent rhetoric on H1B visas are less of an issue for the IT sector. IT sector will continue to wrestle with challenges regardless of the US president elect's negative bias towards immigrant workers, he said.
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There is a certain amount of uncertainty yet on the near term implications of the US elections and demonetisation move by the Indian government and that might deter any runaway rally in the markets says Pramod Gubbi, Director Institutional Sales at Ambit.
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Speaking to CNBC-TV18 Pramod Gubbi of Ambit said that the pharma sector will be under pressure. He said pharma has been neglected or has underperformed.
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After forecasting 10 percent plus earnings in fiscal years 2015 and 2016, both of which turned out to be nearly flat in terms of profit growth, analysts hoping for a 15 percent earnings rise in 2017 may again have to revise estimates lower, says Pramod Gubbi.
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Pramod Gubbi, Director Institutional Sales, Ambit Singapore is of the view that the long-only funds are still circumspect on India because of the liquidity driven rally.
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In an interview with CNBC-TV18, Gubbi outlined his views on the current market scenario and said that there have been pockets of growth and recovery in the Indian market and also pockets of disappointment, hence the market is fairly balanced at present.
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Brokers say bears are wary of going short on the market as more liquidity measures—known in market parlance as helicopter money—could push stock prices higher
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Though liquidity can take markets to new highs, it is better to stay away from Indian market due to lack of fundamental support from valuations point of view and risks to the downside still remain, says Pramod Gubbi of Ambit Singapore.
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The Indian economy is unlikely to witness a broad-based recovery, as a stressed banking system continues to be unable to fund a turn in the investment cycle, says Pramod Gubbi of Ambit Singapore.
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Pramod Gubbi, analyst with Ambit Capital, said the agenda seems to be towards bringing in more transparency in line with what the government has been doing to control black money.
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As for the global rally, it is more technical in nature than fundamental, and it has had a helping hand from China which has decided to go slow on devaluing its currency, says Pramod Gubbi, Director-Institutional Sales, Ambit Singapore.
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Pramod Gubbi of Ambit says the market is relatively more attractive now. He advises investors to have a bottom up approach.
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Investors have made peace with the fact that if you want quality, you have to pay through the nose, says Parmod Gubbi of Ambit Capital. Given the state of the economy, it makes sense to keep valuation aside for now and stay focussed on quality, he says.
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If one were to leave aside global factors, corporate earnings are estimated to grow 5-8 percent this fiscal, and theoretically that will be the potential upside for Indian equities, says Pramod Gubbi of Ambit.
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From a three-five year horizon, all aspect of India story looks exciting, says Pramod Gubbi, Director-Institutional Sales at Ambit Capital.
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In an interview to CNBC-TV18, Pramod Gubbi, Director-Institutional Sales at Ambit Capital, said he will look at buying after a 5-10 percent correction and is positive on roads, infra, defence and mining.
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The market remained in a consolidation more on Wednesday ahead of expiry of derivative contracts of March series. The broader markets too were rangebound but lost ground in last hour of trade.
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Gubbi is bullish on the pharma sector, and expects the Sensex to rise to 34,000 by the end of this calendar.
