India is no longer a preferred market to invest, said Ajay Srivastava, CEO of Dimensions Corporate Finance, as the market on Monday continued Friday's sell-off, taking the Nifty below 11,000.
“Investors have already spoken with their cheque books, we have not seen major inflows coming in, internationally India is not in the top five list of investing locations at this point of time, no mutual fund manager is overweight on India, this is not the flavour of the market, this is not what is going to work in the next 12 months," said Srivastava.
However he said there are opportunities emerging in the sell-off which one needs to focus upon.
On government assuring that it was taking all measures to ensure liquidity in NBFCs, he said, "How powerful is the ability of the government to come up and say, I need to put in a lakh crore in this market to bail out the paper floating around in the market ... if this weekend was wasted, no point having a meeting on Friday and next two weeks, the damage is done, that is the bottomline."
“You will have that top 5-6 NBFCs now trading at a premium compared to the rest of the 10-15 in the market, there will be clear distinction happening between quantity and quality,” Srivastava added.
He further said that IT companies were the safest bet currently.