Look at RIL from a long 5-10 years perspective, not just QoQ earnings: Abhishek Basumallick

The markets have firmed up in trades as banking shares extend gains in afternoon trade. While Sensex was up 300 points at 61,112, the NSE Nifty was up 45 points at 18,160. The broader markets, however, continue to trade on a weak note and were down around 1.5% each. While the Nifty Bank traded higher by 3%. Abhishek Basumallick of Intelsense Capital spoke to Money9 on what to expect from markets going forward. "Won't be surprised if markets see declines of 5-10% which is part of the course. Don't believe there will be a significant move on the downside, " he said. On the banking space, he said that he may avoid to invest in PSU Banking space. On the other hand private banks with sound fundamentals one needs to stick with. "I will be very careful in chasing the PSU Banks amid the momentum for the long term", he added. On the new and upcoming IPOs, he said that IPO space helps increasing the depth of the market and is healthy.