Market not a bubble overall, specific sectors see high valuations: Manish Chokhani, Enam Group

Manish Chokhani of Enam Group says he doesn’t think he can call the entire market a bubble. “Like I said, if the top 40 companies are not trading at excessively crazy valuations, it is certainly there in pockets like we discovered defence, railways, PSUs, in capital goods, lot of multinationals to an extent where every multinational owner of the business across the world has come and sold in India. In the last six months alone $15 billion has gone back to promoters and private equity investors.”

Nikunj Dalmia: I will start with something which is very basic, something which over the years which you alluded to, the market cycle, does not matter where we are, it is important for us to identify the market cycle. It starts after a crash, then it moves into recovery, boom, there is disbelief, and then there is crash. Where is this bull market if you have to talk about in terms of the market cycle?