In no hurry to buy, positive on cement, oil & gas: Prakash Diwan
Market expert Prakash Diwan is in no rush to buy stocks as the market bleeds. Friday’s sell-off was sharp but not very unexpected, he said. “What we need to kind of surmise with is the fact that it is a combination of so many softly negative news flow or factors which are kind of triggering this whole thing. I mean, year-end profit booking is definitely something that does anecdotally happen specially from a FIIs perspective. We also have a very clear indication that this time around, the kind of support that we got from the central banks is not the same. For the first time, a large central bank like the Bank of England has indicated that it is time to kind of start getting bit real in terms of interest rate hikes and that is something which is a big concern. The arsenal is no more as strong, whereas the Omicron cases probably are seeming to be expanding pretty rapidly. However, in hindsight, we are much more wiser as a community as the world knows what to do in terms of these cases going up how things can happen,” he said.
“I think it has got more to do with if you look at where the cases are going up; it’s in the markets or geographies where cases and tracing is much more sharper. So I think it is more to do with an acceptance that these cases are increasing, but the fatalities are not. So this would probably peter out or taper off very quickly. My sense is the buying time will come probably early…
