Macquarie says market 'overcrowded'; private banks, ferrous metals safer bets

Sandeep Bhatia, Head of Equity and Country Head for India at Macquarie Group believes the market is currently overcrowded and expensive.

“The whole market is an overcrowded trade. So, either you step off this market, or continue to be in the safer parts of this entire market, which is the private sector banks,” he said in an interview with CNBC-TV18.

“In 3-6 months, you could see some of the ferrous metals perform. So, we like Tata Steel. So, these are parts, in which you can generate alpha. But the reality is that this is an expensive market and there could be bouts of corrections and price correction, therefore, would be a safer point to enter the market,” Bhatia said.