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November 09, 2018 07:25 PM | Market

Taking Stock: Here is what Ashwini Agarwal of Ashmore Investment Management recommends

Ashwini Agarwal, co-founder and partner at Ashmore Investment Management India discuss the week on Dalal Street. He shared his reading and outlook on the market as well as gave recommendations on various stocks.

In October, it was a very high degree of fear in the market driven by what had happened to the non-banking financial companies (NBFC, rising crude prices and falling currency, Agarwal said.

So pretty much, everything had come together and there was a lot of policy confusion as well, he said.

“To expect a significant upside in the market, on the Nifty in the short run is difficult. We have to see the demand conditions translate into better earnings which hasn’t happened,” he added.

“When I look at individual companies in the smaller cap space, I find a lot of value, Agarwal said.

There are stocks which on a historical basis are trading at minus one standard deviation on a price to earnings basis or on a price to book basis, he said, adding that there are stocks which are down 50-70 percent from the peak – domestic industrials, banks, financial services, NBFC basket.

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