The Indian market has been resilient during the second wave of the coronavirus pandemic. It has moved more in line with its global peers – and has remained on a bullish track overall despite the hurdles.

Samir Arora, founder and fund manager at Helios Capital, on Thursday, in an interview to CNBC-TV18, said that he is bullish on the overall India story but it is a good time to clean up the portfolio and sell poor quality stocks and made a case for a 3-5 percent correction in the market.

"It will make the bulls happy. However, we do not want a wide bull run, we do not want irrational bull run, we do not want initial public offerings (IPOs) being oversubscribed, 120-150 times, it makes no sense to me because it makes us feel that this may be transitory,” he reasoned.

He believes that the recent rally is an immature kind.

“We have not trimmed anything and I was thinking today when people say that this is a buying opportunity when a market corrects 1 percent after a 10 percent rally in a month. What does this mean? – that for that 10 percent rally they were sitting on cash and when there is a 1 percent correction it becomes a buying opportunity,” he opined.

On recovery, he said, “I am overall very bullish but for bullishness to continue from a market point of view for a number of years – it must go up smoothly, it must take into account some negatives, act in front of the world that it is reacting. Therefore, we are sufficiently bullish to say that this can go on for long.”

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(Edited by : Abhishek Jha)

First Published:Jun 17, 2021 2:58 PM IST