Don’t see markets correcting as per wide expectation: Abhishek Basumallick

Domestic equity benchmarks BSE Sensex and Nifty 50 retained the early gains on Monday. All the sectoral indices were in the green with Nifty Realty adding 4%. BSE midcap and small-cap indices up 1% each. Abhishek Basumallick from IntelSense Capital spoke to Money9 and said, "Investors are waiting on the side-lines in anticipation of a correction. We often see in markets when everyone is fearing a correction, markets will rarely go that way." He also said that markets are witnessing a sector rotation and currently we are seeing money flowing in the realty space. On the earnings season, he believes that sugar and cement and steel sector will report positive quarterly reports. On the new IPOs, especially the Zomato IPO set to hit the street, he said,  "The IPO is extremely overpriced, would find it very difficult to invest at these valuations but it really is a personal choice for investors. I believe long term investors can look for a time when exuberance dies down. Technically it is not the right approach to go for an IPO for listing gains, but one needs to be prepared if one does not see listing gains"