Markets may start drifting lower: Anish Damania, IDFC Securities

In a chat with ET Now, Anish Damania, Head–Institutional Equities, IDFC Securities, shares his overview on markets.

ET Now: What is your take on flows, with all the bearish talk about emerging markets and India?

Anish Damania: We should also look at how the debt market has moved. This is because that is a good indicator. Therefore, we see FIIs have withdrawn more than $10 billion out of the debt market and the equities have just started.

In 2011, when FIIs had hardly withdrawn any money - may be $200-$300 million at the net level, we had seen a 30% fall in the markets. With the valuations which markets are at and the way few stocks are driving up the market, even if the FIIs stay away a bit longer, we will start seeing markets drifting lower.