As Samvat 2074 ends and new Hindu year begins, ace investor Rakesh Jhunjhunwala has his market-related priorities clearly lined up.
As Samvat 2074 ends and new Hindu year begins, ace investor Rakesh Jhunjhunwala has his market-related priorities clearly lined up. The ‘Big Bull’, as he is famously nicknamed in the market circles, wants “God to give him power to not earn money” this Samvat. Talking to CNBC TV18, he says that the God has already given plenty, and he can easily live his life on the dividend income. He now wants to maintain the money he owns, he adds. “I want to use my money for my health, holidays, my children and for giving,” he further says. “I want to take a sabbatical from the market for one year,” he also tells CNBC TV18.
Talking about the current market scenario, Rakesh Jhunjhunwala says there are pockets of opportunity in the markets in the banking, NBFC and pharma space. There is a lot of uncertainty in the market, but if elections pass in a manner which is palatable for market, and no major friction is observed on trade front, the market will be fine, he adds.
Rakesh Jhunjhunwala also notes that the Indian market has been doing well, adding that a huge rally has been witnessed in the last few years. “I do not see a reason for fear in the market,” Rakesh Jhunjhunwala says, adding he has always been bullish on India even though crude oil and rupee have been the biggest factors for the recent stock market decline.
Meanwhile, Sensex and Nifty recorded their best Muhurat-day trading gains in 10 years on surge in the shares of the automobile, consumer goods, IT and capital goods companies. While Sensex climbed 246 points or 0.7 percent to close the session at 35,237.68 points, the Nifty rose 68 points or 0.65 percent to end at 10,598 levels on the Diwali day. The Sensex gained 5.86 percent and Nifty earned 6.35 percent in Muhurat trade on October 28, 2008 or Samvat 2065.