Ace investor, Rakesh Jhunjhunwala is confident that the bull market is here to stay and Dalal Street won't have to worry about another slowdown-like situation due to the third wave of the coronavirus pandemic.
The Indian benchmark indices, Sensex and Nifty snapped a 4-week gaining streak in the week gone by.
He says that investors should not be fearful of small corrections. Speaking in an interview with CNBC-TV18, he said, “Nobody predicted the second wave and now everybody is ready to predict the third wave. At the pace at which vaccinations are going and the rate at which we would get herd immunity, I see no reason that there should be a third wave (of COVID).”
Jhunjhunwala, a partner at Rare Enterprises, expressed confidence in the economy's resilience and ability to find crisis-like situations.
“Wave or no wave, Indian economy is much better prepared to face any kind of crisis and I for sure will bet my money that there is going to be no third wave. All the smart people on social media are predicting the third wave and we are all getting fearful of that. We should main caution and take all care, but I do not think there is going to be a third wave even if it is the market will take in its stride because it is expected," he said.
38 Nifty stocks gave negative returns in the week by with Adani Ports, Coal India, JSW Steel, and Tata Steel as top losers. Meanwhile, HUL, HDFC Life, Infosys, and Tata Consumer were the top gainers.