The way market has absorbed Rexit, Brexit is phenomenal: Jagdish Malkani, Member, NSE & BSE

In an interview to ET Now, Jagdish Malkani, Member, NSE & BSE, shares his views about the market. Edited excerpts:

ET Now: And what a week it has turned out to be who would have thought that we are going to be at pre Brexit levels and not just that almost hitting a fresh 2016 high for us?

Jagdish Malkani: Absolutely, I mean I have to confess the way this market has absorbed Rexit and Brexit, it has just been phenomenal and there is no doubt it is a bull market.

But having said so, one still scratches on head as to why--yes, of course GST hopefully on the anvil, all the good stuff but there is no getting away from the fact that there is enough to worry about the stressed loans and all that.

So at the moment enjoy the party.

ET Now: That you are not quite convinced about the fundamentals that the market may be pricing in?

Jagdish Malkani: Yes, absolutely. I am not but I am not going to be foolish and try to be contrarian with such a (22:25) gale force happening but at the back of one’s mind these worries cannot go away.

ET Now: Tell us where is it that you would perhaps see some sort of value in these markets?

Jagdish Malkani: Well straightaway off the top of my head I think large cap tech has overreacted to this Brexit stuff. I mean, this big guys are not Her Majesty’s kingdom is not exactly the mover and shaker in the markets and yes, of course, what it represents Europe etc, etc but I think that is why we have a class act and I think some of the reactions seems to be overdone.

ET Now: So can I safely say that Brexit was nothing more than just a storm in the teacup, it is frankly time to move on, let us focus on monsoon, GST, our own market and our own internals?

Jagdish Malkani: Not really, I do not agree there, I mean it is a very huge cataclysmic event globally and we are very much tied to global markets, only thing is how it will unfold, it will take a while, there may be some twists and turns, all that stuff one does not know, but yes if were to ascribe factors obviously domestic factors prevail over but let us face it FII are a force to reckon with and if really if markets are choppy like they were up to three days ago and some other-- and do not forget that other stuff happening we have conveniently put China in the background, China can always rear its ugly head, this whole business of changing its model to a consumption model from an export model and god help us devaluation etc. But all those thing which I said is doomsday stuff, at the moment right now is party is at 2 o’ clock in the morning.