Markets seem to be on steroids, but time to book your profits: Avinnash Gorakshakar

It was a historic week for Indian markets as the Sensex scaled Mount 60K for the first time and managed to hold it till the closing of the session on September 24, 2021. The gains were led by stellar run in real estate stocks, IT, capital goods, energy and some auto stocks. Apart from this, the easing of nervousness around Evergrande crisis after China’s central bank infused $18.6 billion aided sentiments. Avinnash Gorakshakar, Director Research at Profitmart Securities spoke to Money9 on how should investors approach the markets at such sky high valuations.

“Sensex hitting 60,000 is momentous and the markets seem to be on steroids. Even going forward, in next six months, earnings recovery is likely to be solid which could take markets higher, although I don’t rule out healthy corrections in the meantime but one should take these corrections as good opportunities for investors to get in”, he said.

On the strategies for investors to follow in the current scenario of markets, he said that it is definitely time to look at booking some profits.

“Returns in last six months have been quite strong and unless you book profits you would not be able to enjoy the ride. Investors should at least take out their capital cost”, he added.