homemarket NewsBest way for market to gain confidence is no increase in taxes: Macquarie’s Sandeep Bhatia

Best way for market to gain confidence is no increase in taxes: Macquarie’s Sandeep Bhatia

Sandeep Bhatia, India Head at Macquarie Group spoke to CNBC-TV18 to give his take on Nirmala Sitharaman’s Union Budget and his outlook on the road ahead.

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By CNBC-TV18 Feb 4, 2021 6:48:00 PM IST (Updated)

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Sandeep Bhatia, India Head at Macquarie Group spoke to CNBC-TV18 to give his take on Nirmala Sitharaman’s Union Budget and his outlook on the road ahead.

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Bhatia said, “I would be very grateful if the finance minister has a bit of lazy budget in the sense that there are no tax increases. After a long time the animal spirits in the economy are taking in. Confidence needs to remain high for the next 12-18 months to see capex come through and the best way to gain confidence is to have no tax increases and tax policy stability.”
On market and stocks he said, “In the near term, I would expect market correction. We cannot expect these kind of valuation to sustain until we see a clear clarity on next year’s earnings, so I expect the markets to be sideways in the near term.”
“This is something which is a good opportunity to get into stocks in the financial sector. I would continue to look at stocks in the private sector banks space such as ICICI Bank, HDFC Bank and so on. Even public sector banks like SBI have a great run in the next year.”
To know more, watch this video.
Stay tuned with all the live action and updates with our Budget 2021 Live blog.

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