downloadDownload The App
Markets

Don’t see markets are in for a major correction: Milan Vaishnav

Milan Vaishnav, Gemstone Equity Research spoke to Money9 on whether a deeper correction is in the offing.

  • Money9
  • Last Updated : August 20, 2021, 10:48 IST

Indian equity indices, Sensex and Nifty opened lower on Friday dragged by across the board selling. Sensex opened at 55,159.1, down 470.36 points or 0.85%, while Nifty was at 16,382.50, down 186.35 points, or 1.12%. Broader markets, smallcap and midcap indices also declined over a percent each. Barring Nifty IT, all other sectoral indices are in red with metals, banks, auto and pharma indices falling the most. Milan Vaishnav, Gemstone Equity Research spoke to Money9 on whether a deeper correction is in the offing.

“Corrections are more of technical in nature so we may only see these bouts of downturns. I expect Indian markets to stay resilient as compared to the rest”, he said

In terms of sectors where he is positive on he suggests, in the current market, the IT stocks will do well. Defensive large-cap stocks could do well and those stocks which not participated in the rally so far. He also said that it is better to remain stock-specific.

“Time to take money off the table in metals as there are signs of peaking out of the US Dollar index which may indicate reversal of the metal rally”, he added.

Indian equity indices, Sensex and Nifty opened lower on Friday dragged by across the board selling. Sensex opened at 55,159.1, down 470.36 points or 0.85%, while Nifty was at 16,382.50, down 186.35 points, or 1.12%. Broader markets, smallcap and midcap indices also declined over a percent each. Barring Nifty IT, all other sectoral indices are in red with metals, banks, auto and pharma indices falling the most. Milan Vaishnav, Gemstone Equity Research spoke to Money9 on whether a deeper correction is in the offing.

“Corrections are more of technical in nature so we may only see these bouts of downturns. I expect Indian markets to stay resilient as compared to the rest”, he said

In terms of sectors where he is positive on he suggests, in the current market, the IT stocks will do well. Defensive large-cap stocks could do well and those stocks which not participated in the rally so far. He also said that it is better to remain stock-specific.

“Time to take money off the table in metals as there are signs of peaking out of the US Dollar index which may indicate reversal of the metal rally”, he added.

Published: August 20, 2021, 10:48 IST

Download Money9 App for the latest updates on Personal Finance.

Related

Latest

close