"Market reacted positively before the election results which has been the case for the last few days. Once, we have the economy turn back to the fundamentals, the macro is looking a lot uglier than it was 4-5 days back. Since the RBI monetary policy, things have really turned down - the oil prices are near to USD 80, rupee has also headed to 70. Once we think about it and if global markets also have a retreat from their highs then we could be in for a bit of a down swing or more volatility." Andrew Holland, Chief Executive Officer, Avendus Capital Alternate Strategies told CNBC TV18.

On pharma sector he said, " Just avoid it. The whole generic story is something of the past and most of these companies will have to reinvent themselves. I don't think until they start doing that we need to look at them. Also we are still awaiting some policies on the whole sector. You just don't need to be in this sector."

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First Published:May 15, 2018 4:26 PM IST