ET NowIn an interview with ET Now, Jagdish Malkani, Member, NSE & BSE, shares his views on the markets. Excerpts:
ET Now: How much lower do you think we could trend in the next five to seven odd trading sessions? Where do you see a bottom in this market?
Jagdish Malkani: I must begin by giving a caveat that I have gone horribly wrong. I did not imagine 8500 will be broken and I would attribute this to year-end blues.
It is a mix of huge profits especially domestic operators have been sitting on and a lot of that is funded with bank and NBFC finance etc. where it is time to square up the books and take your money back. One must say that it has certainly not been accompanied by any brutal FII selling. I am taking across the board in cash they have been buying, but even if one takes in the futures activity, it is still nowhere, considering the Nifty has lost 700 points from its intraday high of 9100 something. So I would still hold out, I do not think the bull markets are going away in a hurry, and probably from mid-April, it will be back to business.
ET Now: Do you think the challenge for the Indian markets or the turning point for the Indian markets will only come post-Q4 numbers?
Jagdish Malkani: This has been so all along. December quarter results were nothing to write home about and March will be the same. This is more to do with liquidity and India being in a sweet spot relative to its emerging market peers. This has to do with oil prices. All those things are still there and the Modi government is chugging along pretty well on the economic front.
Having pushed through those three bills is not to be scoffed at and they are assiduously working on the Land Bill. One hopes that will also go through. So as such, things are the same. It is not that there are some new events. Of course some international event comes out of the blue, but on the domestic front, nothing has really changed. We are living in hope. The coal auctions have gone well, the spectrum auctions have gone well.
ET Now: How much lower do you think we could trend in the next five to seven odd trading sessions? Where do you see a bottom in this market?
Jagdish Malkani: I must begin by giving a caveat that I have gone horribly wrong. I did not imagine 8500 will be broken and I would attribute this to year-end blues.
It is a mix of huge profits especially domestic operators have been sitting on and a lot of that is funded with bank and NBFC finance etc. where it is time to square up the books and take your money back. One must say that it has certainly not been accompanied by any brutal FII selling. I am taking across the board in cash they have been buying, but even if one takes in the futures activity, it is still nowhere, considering the Nifty has lost 700 points from its intraday high of 9100 something. So I would still hold out, I do not think the bull markets are going away in a hurry, and probably from mid-April, it will be back to business.
ET Now: Do you think the challenge for the Indian markets or the turning point for the Indian markets will only come post-Q4 numbers?
Jagdish Malkani: This has been so all along. December quarter results were nothing to write home about and March will be the same. This is more to do with liquidity and India being in a sweet spot relative to its emerging market peers. This has to do with oil prices. All those things are still there and the Modi government is chugging along pretty well on the economic front.
Having pushed through those three bills is not to be scoffed at and they are assiduously working on the Land Bill. One hopes that will also go through. So as such, things are the same. It is not that there are some new events. Of course some international event comes out of the blue, but on the domestic front, nothing has really changed. We are living in hope. The coal auctions have gone well, the spectrum auctions have gone well.
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