Cautious on metal sector, underweight on FMCG: JM Financial
Dhananjay Sinha, MD and Head Strategist at JM Financial is cautious on metal sector. “We are cautious on the metal space from the portfolio standpoint,” he said in an interview with CNBC-TV18.
Dhananjay Sinha, MD and Head Strategist at JM Financial is cautious on metal sector. “We are cautious on the metal space from the portfolio standpoint,” he said in an interview with CNBC-TV18.
“We are looking at a correction in the commodity price hence the commodity stocks, which have run up by 4-7 times over the last twelve months can start correcting,” he added.
He is underweight on fast moving consumer goods (FMCG) sector. “We are underweight on FMCG sector and we are somewhat overweight on IT,” he mentioned.
According to him, private bank stocks will do better. “Our positive stance on the banking sector especially on private banks continues,” he stated.
Sinha is constructive on the market. “The market is not cheap at this juncture. People are concerned about margin pressure etc. So some amount of sideways movement after a very good rebound that we have seen over the last couple of years can be expected,” he said.
“Our base case for Nifty is about 17,500,” he shared.
For the full interview, watch the accompanying video
(Edited by : Aditi Gautam)
First Published: Jun 8, 2021 7:00 PM IST
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