Opportunities will arise for invetsors as the market seclines: P Phani Sekhar, Angel Broking

In a chat with ET Now, P Phani Sekhar, Fund Manager-PMS, Angel Broking, gives his views on the market. Excerpts:



ET Now: Do you think we have hit some kind of a wall?

P Phani Sekhar: I am not too surprised with the fall of the last two days. Even at these levels, relative to the macro fundamentals the market is at elevated levels. It is a narrow rally. It is important for investors to notice that there is an opportunity as and when the market declines. What happens when the market declines – is it going to be a broad ways decline? Well maybe yes, but the pain will be more in spaces such as FMCG. In general, since the broader market already is below 5500, the pain might be lower. So, for investors as and when markets decline, opportunities will arise for in spaces such as utilities or well-run large private banks. The important point is they investors should see to it that they enter these spaces on declines.

ET Now: What are the stocks you are looking at?

P Phani Sekhar: I will be looking at blue chip such as Reliance Industries in the oil and gas space, Infosys in IT because that is where the real turnaround is happening. Within the private banks Axis or ICICI look good. Within utilities, Power Grid and NTPC look very interesting on declines. While the choices have narrowed down there are good blue chips to be lapped up in these markets as well.