Sensex may touch all-time highs before Diwali: Ambareesh Baliga

In a chat with ET Now, Ambareesh Baliga, Managing Partner-Global Wealth Management, Edelweiss Financial Services, shares his views on market outlook.

ET Now: You think the Sensex scales the all-time highs before Diwali, one more trading session to go.

Ambareesh Baliga: It is very much possible that we could scale those new highs before the Diwali but at the same time I like to just point out the difference between the last time we had scaled those new highs. Now it is clearly euphoria that is missing and that also points to the fact that people have not really made money in this rally, they just recouping their losses.

So unless fresh new money is made or wealth is created, I do not see that euphoria in the market and I suppose that is quite far away, that will take at least the next few months or maybe the next one year before people really start making money in the equity market after recouping the earlier losses.

ET Now: That will be perhaps a positive sign that there is scepticism in the market and the market is moving up because who knows this time around it could be for real.

Ambareesh Baliga: I just hope so that it just like sustain but then I suppose we should also keep in mind that the most important event is going to be elections, whether we will see green shoots in the economy or not and whether the recovery can sustain or not.