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market | IST

Remain bullish on Indian market; prefer Nykaa among new-age stocks: Alchemy Capital

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Alchemy Capital Management continues to remain bullish on the Indian market, Hiren Ved, CEO, Director & CIO, told CNBC-TV18. Ved also said that there's a need to be selective on new-age companies as they are trading at such lofty valuations, however the firm prefers Nykaa among the companies that got listed on the bourses.

Alchemy Capital Management continues to remain bullish on the Indian market, Hiren Ved, CEO, Director & CIO, told CNBC-TV18. Ved also said that there's a need to be selective on new-age companies at such lofty valuations, but the firm prefers Nykaa among the companies that got listed on the bourses.
“We continue to remain bullish on the market and we are entering the next phase of the bull market where you could see the Nifty probably consolidating in a broad range for some time, going through a time correction and that’s perfectly fine,” Ved said.
On new age stocks, he said, “It’s important to be selective. Valuations in all these companies leave no room for error and some of these will turn out to be great businesses in the future and will compound. Among all those listed so far, the only business that we like is Nykaa, valuations are fairly expensive but they should be in a solid hyper-growth mode for the next few years.”
The firm, said Ved, likes IT services and consumer discretionary stocks, as well as autos.
For the entire interview, watch the video