Andrew Holland, CEO of Avendus Capital Alternate Strategies, is of the view that the rough patch for the broader market may continue as the underlying market sentiment remains subdued.

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"Only a few number of stocks are holding the index higher, while the underlying trend is more painful. So it could be a great buying opportunity in individual stocks, but the index is not giving the right context of what is happening domestically. There are lot of headwinds to pull index lower," Holland told CNBC-TV18 on Monday.

Talking about the US economy, Holland said, “I am of the view now that the US is in recession and it is like who gets there quickest – China, US, Europe or UK and so that is still the headwind to come into global markets and we will see our index fall on the basis of that."

According to said Holland, "The problems in the NBFC sector may continue and there seems to be more pain in the real estate sector."

With regards to the capital goods space and Larsen and Toubro, he said, "The results for the company were good and they seem to be optimistic. If we have stability in policies going forward then private capex will pick up in the second half of the year and capacity utilizations will pick up."

First Published:Jan 28, 2019 10:38 AM IST