Despite the euphoria on Dalal Street, billionaire investor Rakesh Jhunjhunwala says it doesn't feel like an all-time high market. "I think the real new high will be when (Nifty) goes to 6700," he told CNBC-TV18 in an interview.
The BSE Sensex marked a record high on Friday as blue-chip shares including Tata Motors gained on strong foreign inflows. Foreign investors bought Indian shares worth Rs 1,875 crore on Thursday, their biggest single-day purchase since May 21, remaining net buyers for a 20th consecutive session, bringing their total buying to nearly Rs 18,191 crore during that period
The BSE index rose to as high as 21,263.59, up 0.4 percent on the day and surpassing its previous high of 21,206.77 hit on January 10, 2008. Jhunjhunwala feels real new highs will be seen once retail investor participation increases. He says India is still an underweight for FIIs. However, he acknowledges that the economy is in much better situation than a few months back. "We are seeing some green shoots in the economy,” he says.
Jhunjhunwala says the market expecting Narendra Modi-led BJP to come to power in 2014.
Talking sector-specific, he says the pessimism in PSU banking was overdone.
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The BSE Sensex marked a record high on Friday as blue-chip shares including Tata Motors gained on strong foreign inflows. Foreign investors bought Indian shares worth Rs 1,875 crore on Thursday, their biggest single-day purchase since May 21, remaining net buyers for a 20th consecutive session, bringing their total buying to nearly Rs 18,191 crore during that period
The BSE index rose to as high as 21,263.59, up 0.4 percent on the day and surpassing its previous high of 21,206.77 hit on January 10, 2008. Jhunjhunwala feels real new highs will be seen once retail investor participation increases. He says India is still an underweight for FIIs. However, he acknowledges that the economy is in much better situation than a few months back. "We are seeing some green shoots in the economy,” he says.
Jhunjhunwala says the market expecting Narendra Modi-led BJP to come to power in 2014.
Talking sector-specific, he says the pessimism in PSU banking was overdone.
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