Secular structural bull market is alive: Rakesh Jhunjhunwala
Source: Iris/12 June 2006
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The secular structural bull market is still alive as all the drivers are still in place. The growth drivers are India`s economic growth, superlative corporate performance, good market infrastructure, tectonic shift towards to emerging markets and finally vast under exposure to equities in India, said Rakesh Jhunjhunwala, well-known investor, while speaking at India Equity Show, organized by myiris.com in association with ICICI Direct.
According to him the markets at present could trade between 9250-9750 and he sees no reason for the markets to trade below this range. The risks, which may affect the markets in future, are input prices, global slowdown, interest rates, politics and shift of asset allocation from equity markets.
Commenting on some of the valuations he said that real estate stocks were unjustifiably valued before the correction. The price correction wiped out 35% of gains upto May 2006. Furthermore the gains of the last five months have been wiped out. He added that banking, retail and infrastructure sectors could be future drivers of growth and for the long term he is definitely bullish.
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