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Macquarie Capital advises investors to buy, if market falls another 4-5%

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Sandeep Bhatia, head of equity-India at Macquarie Capital Securities spoke to CNBC-TV18 about the current trends in equity market and outlook.  

Sandeep Bhatia, head of equity-India at Macquarie Capital Securities spoke to CNBC-TV18 about the current trends in equity market and outlook.
“We are definitely down but definitely not out. Is this a routine correction? Obviously it is not a routine correction and this correction can continue for a couple of months. Does that mean that the India story is over or we have a real concern? Absolutely not,” Bhatia said.
“I have seen that whenever there is these kind of corrections, given a passage of time of maybe 12 months or two years, these are fantastic entry points. Last such entry point was when demonetisation had happened, mid of December was the low for the market and then we saw two years of very strong returns. I think we are again getting an opportunity in this market, the market can correct. I wouldn’t be surprised if it hits 10,800 on the Nifty but does that mean that all hell has broken loose? Absolutely not. I think you should be a buyer if the market corrects more than 5 percent in the next couple of months,” he added.
“The market is now rebalancing itself. This was a very narrow market and any market observer would have said that this is the biggest cause for concern that there are five-seven names that are moving the indices and it is not a broader moment. This correction will lay the foundations of much wider and broader stock participation when the market indices come back and the rally starts again,” said Bhatia.
“On our estimates, Nifty earnings growth is around 17-17.5 percent, it could go up,” he further mentioned.

Market Movers

CompanyPriceChng%Chng
Sun Pharma773.95 70.95 10.09
Tech Mahindra1,209.55 81.75 7.25
Cipla920.05 36.95 4.18
Shree Cements28,265.75 626.80 2.27
Adani Ports674.50 14.85 2.25
CompanyPriceChng%Chng
Sun Pharma774.00 70.75 10.06
Tech Mahindra1,209.45 81.70 7.24
Power Grid Corp171.05 3.65 2.18
Bajaj Auto3,831.05 68.25 1.81
HCL Tech1,025.45 17.85 1.77
CompanyPriceChng%Chng
Hindalco444.80 -13.30 -2.90
Bajaj Finance6,228.10 -172.00 -2.69
SBI Life Insura1,098.60 -30.25 -2.68
Bajaj Finserv14,222.20 -376.85 -2.58
SBI431.80 -9.75 -2.21
CompanyPriceChng%Chng
Bajaj Finance6,228.90 -165.40 -2.59
Bajaj Finserv14,221.30 -369.15 -2.53
SBI431.70 -10.05 -2.28
Tata Steel1,433.75 -25.25 -1.73
Titan Company1,714.50 -25.60 -1.47

Currency

CompanyPriceChng%Chng
Dollar-Rupee74.41000.12500.17
Euro-Rupee88.1640-0.0840-0.10
Pound-Rupee103.3800-0.2730-0.26
Rupee-100 Yen0.6779-0.0005-0.07