Market Future India - Free Share Market tips, Trading Tips, Today's Market Analysis Report

Market Future India - Free Share Market tips, Trading Tips, Today's Market Analysis Report
Market can go down 20% more; surprised by Re slide: UBS
"The rupee free fall has caught market by surprise," said Suresh Mahadevan, managing director and head of Indian equities at UBS Securities. As the rupee stands at its all-time dollar low, with the currency vulnerability adding to the fears over the global volatility, Mahadevan says the instability in the market is most likely to stay for over the next few months.
"The Indian market is the worst performing, globally. The market is moving towards a final leg of capitulation and on a worst case scenario there could be a 20% downside from current levels," Mahadevan cautioned.
In an interview to CNBC-TV18, he held that the negative earnings momentum and the weak sentiment are likely to be an overhang.
Meanwhile, he also said that he expects telecom as a sector to outperform. "I like both Bharti and Idea for long term view," he added. On the other sector picks, Mahadevan prefers M&M and Hero Honda from autos, Godrej Consumers among the FMCG counters at current levels and Mannapuram Finance from the gold finance companies. "Coal India too looks attractive at these levels," he further added.
However, he sees a downside risk in HUL, although said that it is priced to perfection at this point in time. Also, he picks Titan as a good long term bet, although not at the current levels.