Mumbai, July 15 (UNI) Mutual funds have shown greater buying interest, despite the equity market witnessing a sharp correction this year, due to absence of buying interest, according to SBI Mutual Fund's Chief Investment Officer Sanjay Sinha.
Talking to the mediapersons on the sidelines of a seminar on equity market, organised by Indian Merchants Chamber here today, Mr Sinha said, ''The mutual fund houses were the net buyers of Rs 10,000 crore so far this year, which is much higher than the buyings of Rs 6,700 crore in the entire calendar year 2007.'' He said that mutual fund investors have shown a drastic change in their ''trading psychology'' this year. In the previous corrections, witnessed in 2004 and 2006, mutual fund investors either pulled back or kept away from the market.
Asked about the current volatile market conditions, Mr Sinha said ''It would be hard to predict market outlook, as there is a series of factors that might decide its movement, but it can be said that there is less possibility of 'V-shape' recovery in near future.'' The only ''silver-line'' investors expect is that there would be some economic reforms after the trust vote on July 22 that are expected to boost the market sentiments, he added.
UNI PP GS RN AG2058