India focussed funds are brining in money from all over: Sudip Bandyopadhyay

In a chat with ET Now, Sudip Bandyopadhyay, President, Destimoney Securities Pvt. Ltd., shares his views on Market.

ET Now: 6700 for the market, on the futures we have crossed that level but really this strong build up, is there anything that you have been hearing over the last few sessions about new allocations being made, fresh buy orders being put in place.

Sudip Bandyopadhyay: Yes, in fact, as I was explaining that most of these BRIC emerging market focussed funds or India focussed funds are brining in money from all over. They are withdrawing money from Russia, Brazil, Turkey, South Africa, Argentina and to an extent directly/indirectly investments from China and that liquidity is available with them and they are deploying the money into India. Last 15 days, we have seen a deluge of money coming into India and of course that is also getting reflected in the rupee-dollar scenario where rupee is continuously appreciating. So, we are in a virtuous cycle where the things are shaping up in our favour but we need to be little cautious. I would not put past some amount of consolidation at some stage behind us.