Sandeep J Shah, Managing Partner at Motilal Oswal Private Wealth Management, believes the rise in the market has been a little sharp.

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“The rise in the market has been a little sharp but there have also been fundamental factors driving it,” he said.

“Ahead of the budget, the market is certainly concerned about if the government plans to increase revenues in the budget and how will they do this, will it be through tinkering of capital gains, STT or will it just be another cess at a time when we are hoping for animal spirits to come back into the economy. It is in this context that we are seeing this kind of a sell-off,” he mentioned.

In terms of stocks, he said, “I would certainly wait for the budget to be done and dusted. Subject to nothing significantly negative in the budget from a capital market perspective, one would continue to be positive on midcaps, smallcaps, multicaps.”

“I would continue to be very happy to buy on these declines, buy IT stocks, healthcare, banks, some of the top three non-banking financial companies (NBFCs) in the country,” he added.

On banks, he said, “The preference has always been the top three private banks in the country.

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(Edited by : Bivekananda Biswas)

First Published:Jan 29, 2021 5:05 PM IST