Samir Arora of Helios Capital on Friday said the steps taken by the Indian regulators against foreign portfolio investors has created a lot of uncertainly in the market.
“Market I am quite okay with, my net is high at 65 percent and that is because I covered my state owned banks too early,” he said, adding that “I did not believe in my PSU banks and covered them too early".
With regards to the news on ICICI Bank and CEO Chanda Kochhar, Arora said that asking her (Kochhar) to go leave looks like a reactive move.
On the political front like the upcoming general election, Arora said it is too early to start planning trades for that. The strategies will come into play maybe 30-60 days prior to elections, he added.
When asked about the MSCI putting out consulting paper that they may limit the share/size given to India and Brazilian stocks because of SGX moves, he said if MSCI were to cut India weight then it would be mega negative but one is not sure if they would carry out the threat.
It is likely that China may have exerted huge pressure for A-shares inclusion in MSCI indices, Arora said.
Arora said he is still invested in the NBFCs and that in the consumption space, one can look at the air-conditioner stocks. He said has sold some of the pharma stocks.