Punita Kumar Sinha, Managing Partner, Pacific Paradigm Advisors doesnt see much upside left in the market in the run-up to the much awaited event - outocme of general elections on May 16. The Nifty hit 7,000 level on Monday for the first time in history and the Sensex rallied more than 500 points on hopes of a stable government coming to power post elections.
Speaking to CNBC-TV18 about the post-poll survey, she said that the market has almost factored-in NDA victory.
According to CNN-IBN-CSDS-Lokniti post-poll survey the BJP-led NDA is expected to get a clear majority on its own by winning 270-282 Lok Sabha seats . The BJP is likely to get its highest ever tally of 230-242 seats in the Lok Sabha.
Below is the verbatim transcript of Punita Kumar Sinha's interview with CNBC-TV18's Shereen Bhan
Q: The market at new record highs today anticipating a Modi victory, anticipating a Modi win. On the back of the numbers that we have thrown up 270-282 for the NDA and 230-240 for the BJP, do you believe the markets have priced in these numbers?
A: To a large extent they have priced it in, especially, given the rally in the last two days. The last two days have really factored in a lot of these numbers. However, having said that while in my view the domestic Indian investors are much more plugged into the news flow on elections, so, they probably factored all of this in but a lot of the global investors are not quite as plugged into the Indian election on a day-to-day and a moment-to-moment basis.
Q: It has been the FIIs that have been driving the market so far?
A: Some of the FIIs have but the broader group of FIIs especially ones that are investing in a large number of countries are not going to be able to follow the polls in a detailed manner that the domestic institutional investors can. So, because of that may be there is some upside left after the election result if they don't disappoint and they don't come below your numbers.
Q: So, if the numbers stand as they are and as per what the poll is suggesting come May 16, what kind of an upside do you see? The Nifty already at 7000 today, what kind of an upside do you see from these levels?
A: In my view there is not a lot of an upside left heading into the election results which is going to be on May 16. After that if the results have to be different than what the range is - that have been announced today across the polls and if it is any side down or up then the markets could react very sharply on the upside or downside. Having said that we are entering the summer month, we are seeing globally some jitteriness across markets. I do think immediately after the formation of the government and some kind of a short term knee jerk reaction to the election results the focus is again going to shift back to the Budget and all the other things that the government has to do.
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