I do not know. But this is what Naren said on ET Now

• D’Mart led to over subscription
• Public Issues are held for
• We are not in fear, but we are not fully in greed
• Government has encouraged financial savings
• Gold does not give dividend, and rental yield story does not exist
• Interest rates have to go down lower, that will lead to a higher market
• Capacity utilisation is about 70%
• RE has to see deleveraging, and interest rates have to go down
• People saving, corporate saving, and govt saving cannot co-exist
• demand for money is at a record low
• debt funds look good better for the next 6 months
• huge margin for safety in blue chips
• out look for large cap earnings is better
• debt is a better bet NOW compared to E
• outlook for telecom is good for 5 years
• telecom is seeing poor pricing, competition, etc….
• Utilities are attractive. will do well
• 3 year view..banks yes, however Utilities and banks will do well in the next 3-8 months
• We are now in mid cycle – not at a turning point. We are mid cycle…
• big bull market is 3/4 years away..it will be a good time to sell