The Indian markets have been in a consolidatory mode after a stellar run in the past six months. The Nifty50 in the past month has corrected almost 5 percent versus a rise of close to 9 percent in the past six. In an interview with CNBC-TV18, Nirmal Jain, Chairman of IIFL Finance, said the market will continue to see consolidation in a narrow range.

Share Market Live

NSE

“Market will consolidate and obviously whenever there is Omicron fear then the trading sentiment moves from the unlock stock to defences like IT and pharma. However, the funds underlying fundamentals are very strong, but still, the market has risen very steeply. So I think next couple of months, you should see a consolidation in the narrow range,” he said.

Read Here: RBI’s new SBR norms for NBFCs to benefit sector in long-term

Jain is bullish on the overall picture and believes that the macro environment has improved significantly.

"There is a broader consensus that the economy will grow faster, and there is also pent-up demand for credit. We see demand for credit affordable home or MSME will continue to rise strongly and our business is primarily in these two sectors,” he said.

For the full interview, watch accompanying video...

Also Read: RBI unveils PCA framework for NBFCs, to be effective from October 1, 2022