According to Sanjay Shah, Co-Country Head & Co-Head, Indian Equity Business, Morgan Stanley 8000 on the Nifty is just a number and market going below that should not be a big worry. It is a right time to buy market.
Reporting NSE Closing Bell live from the 17 th Morgan Stanley Annual India Conference CNBC-TV18’s Sonia Shenoy and Nimesh Shah spoke to Sanjay Shah, Co-Country Head & Co-Head, Indian Equity Business and Ridham Desai, Hd-India Equity Research & Strategy on the way ahead for the market, the policy actions and economy as a whole.
Sanjay Shah clearly believes that one need not be too worried about market fall and should jump into the market lock, stock and barrel.
After yesterday’s relief rally the bulls were in for a rude shock today. The bears were on the attack and major indices ended at the day at their lowest level in 8 months.
The Nifty tanked below the 8,000 mark with cuts of nearly 2%. The last time we saw these levels was in october last year. Sensex crashed nearly 470 points – no sector was spared and all the major sectoral indices ended in the red.
According to Sanjay Shah 8000 on the Nifty is just a number and market going below that should not be a big worry. It is a right time to buy market. He is confident that Nifty will hit 9000 before it hits the 7000 mark.
Speaking about the conference and apprehensions of investors, Shah says pick up in investment cycle was the single most fear worrying them but were comforted by the speakers at the conference like the Railway Minister, the coal secretary and large corporates who confirmed that things are picking up on the economic front. However, the markets might take some time to realise this fact, thinks Shah.
According to him three aspects of the investment cycle that will pick up soon spending by railways, defence spending and some of the state owned non banking enterprises that have earnestly started on capital expenditure programmes.
In the last few months government has taken steps that would surely help the economy in the medium to long-term, says Shah.
for the entire conversation listen in to the videos