Structurally we are in a bull run and probability of going up is higher than down: Abhishek Basumallick

Indian equity benchmarks Sensex and Nifty extended losses for the second straight day following a gap-down opening on Wednesday. Selling pressure in  IT and financial stocks pulled the market lower, however buying interest in select  pharma stocks offered some support. Broader markets however recovered from the lows. Abhishek Basumallick of Intelsense spoke to Money9 to share insights on how to approach the current markets. “We are in a bull market and until and unless we see a major correction, that is not going to change. Now in a bull market you will keep getting these minor corrections, you will get consolidations, and the phrase 'buy on dips' is perfect for a trending bull market and this is where we are today. So, structurally I would say we are probably headed higher, knowing the probability of seeing higher levels is higher compared to seeing large corrections", he said. He also added by saying that for investors one must know that, "Our job is not to do macro analysis a lot, we need to understand the context in which we are operating, but we should be looking more at individual companies where,  we are invested and where we think there are longer term themes that can play out in the Indian context". As for the themes for the next decade he believes one can look at China +1 and chemicals which will do well, select pharma and IT will continue to be in momentum.