Market continues to gain strength; no major signs of a correction: Devang Mehta
«Markets are going from strength to strength and that is where I always take out this quote from someone's book which says that more money has been lost in anticipating a correction or waiting for a correction than in correction itself,» says Devang Mehta, Spark Private Wealth.
What is your take on the market right now? Every day we are making a fresh record high. Today was a similar instance. But within this kind of construct, is it better to place your bets on largecaps or do you think midcap and smallcap have more steam to go?
Devang Mehta: The view on the markets is honestly, we have been seeing that in the last two-three months that there has been small corrections which are getting bought in.
I think what seems to have changed is the commentary of the management which we saw in the last results season that they were also getting increasingly positive.
More often than not, what has happened is the past one, one-and-a-half years it was only capex driven businesses which were doing well. But if you look at the last two months particularly post the elections and post the budget even the consumption side of the market has started to do very well. So, the sectors which were absent in terms of participation like IT or even pharma as well as consumption along with the capex side has started to do well.
One part which is still not on its complete mojo is the financials which of course are trying to make a comeback courtesy of the FPIs. I think last week, if there is an indication to be taken in the medium term,
