Investors seem to be booking profits ahead of big IPOs: Vinit Bolinjkar

Vinit Bolinjkar of Ventura Securities spoke to Money9 on what is causing this correction.

  • Publish Date - October 20, 2021 / 02:56 PM IST

Indian benchmarks Sensex and Nifty slipped further in the second half of the trading session to trade at the day’s low point. While the Nifty slipped below the 18,300 mark, down over 1%, the Sensex slipped by over 550 points. Losses in oil and gas, financial services, consumer goods, and metals pulled the market lower. Broader markets underperformed and were both down over 2 percent. Vinit Bolinjkar of Ventura Securities spoke to Money9 on what is causing this correction.

“Markets are seeing these volatile moves on the back of several global and domestic factors but the long-term momentum seems intact”, he said.

He also believes that ahead of the hugely anticipated IPOs, investors may be booking profits.

“Among the upcoming IPOs, I will definitely go with Paytm because it has got the massive touchpoints, they reached more than 35 crore plus individuals, they’ve downloaded Paytm app, it has got the highest number of merchants that have their onboarding. The growth has been astronomical. As far as the touchpoints are concerned, it’s very, very strong, the second thing that we have to understand is that online you can measure and invest and deposit on 800 signals, whereas a banker gets access to over 300 plus signals over a period of time. So, definitely, there is an edge to being in the online space. And I think Paytm is one IPO that I’m watching very very keenly”, he said.

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