Indian equity markets are witnessing selling pressure after consolidating in the last four trading sessions.
The S&P BSE Sensex has witnessed sharp cuts of over 1,200 points and cracked below the 50,000 mark for the first time in nearly three weeks.
In an exclusive interview with Money9 on the sharp decline in markets, Andrew Holland, CEO, Avendus Capital believes there could be some more correction in the offing.
“I see 5-10% correction from highs,” Holland told Money9.
On key factors pulling down the markets, Holland said that the current fall in the markets has more to do with global factors rather than domestic factors.
“We can’t have a situation where the US bond yields are rising and the markets keep doing constantly well too. At some point we will see correction,” he added.
However, despite the correction, Holland believes that the long term story still remains strong for the Indian markets.
Holland believes the recovery going forward, will be led by sectors like banking, industrials and consumer discretionary.
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