BSE Sensex - Some Comments
Authors
30 December 2008
Many laymen, professionals and analysts are predicting that Sensex will touch lower levels in 2009.
The professional with whom I worked for any year, Mr. Raamdeo Aggarwal of Motilal Oswal, said the other day on a TV channel that 2009 will be a terrific year for investment for people with cash. People can buy good scrips and he warned, don't expect quick gains. Patience is required. It is a pet theme and rightly so of Raamdeo Aggarwal. Patience is required in value based trading. Even Charles Dow said so.
If sensex has to go down, where is the possibility? I saw the PE ratios of sensex scrips today. There are still many with high P/Es.
Bharti Airtel 18.8
ITC 20.7
L&T 18.0
HDFC 17.6
HDFC Bank 22.5
Hind Lever 26.3
BHEL 22.9
NTPC 21.0
Tata Power 18.4
Yes there does seem to be good scope for further downside in view of the expected earnings disappointments.
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