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Nifty may correct 200-300 points; like cap goods: Quantum

Sanjay Dutt, director of Quantum Securities is cautious on sectors across the board. According to him, companies with massive debts will see major corrections.

Nifty may correct 200-300 points in the near term on the back of international events, is the word coming from Sanjay Dutt, director of Quantum Securities.

“Towards expiry or end of the month, the correction will come led by international events – arising of currency equation – may be the dollar-yen. And since flows are linked to all those events world-wide, flows in to India may be an issue. The rupee will weaken by design, mudding the waters,” he told CNBC-TV18.

He is cautious on sectors across the board. According to him, companies with massive debts will see major corrections.

Dutt is positive on capital goods, engineering and tier-II infrastructure plays.

However, his stance on the market will change if there are aggressive policy actions. But at the moment, he doesn’t see cues that may trigger a rally from current levels. He expects a pick up in earnings growth after a year.

He advises investors to buy quality PSU banks on correction. He believes  Canara Bank will be a good buy on correction.

Stay tuned for more…

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