We have exited Paytm, Zee; go for these 3 stocks now: Sanjiv Bhasin

There are a lot of block deal actions on D Street. Axis Bank, Gland Pharma, Shilpa Medicare what have you, all are in the spotlight. What do you make of it?
Sanjiv Bhasin: Big block deals and a plethora of new issues is typically the sign of a bull market reaching some sort of a crescendo. It is not that there is a near-term top, but it is telling us that exits and entries are at full flows and particularly in some of the longer-term private equity or equity with money which had entered about two years back and now are seeing very bright exit opportunities.

Unlock Leadership Excellence with a Range of CXO Courses

Offering CollegeCourseWebsiteIIM LucknowIIML Chief Operations Officer ProgrammeVisitIIM LucknowIIML Chief Executive Officer ProgrammeVisitIndian School of BusinessISB Chief Technology OfficerVisitBain Capital came into Axis when it was closer to Rs 450-500 and when a change of guard was evident with a handover from Shikha Sharma. I think the bank has more than doubled from there. Like we said it is a glass half full half empty. It indicates the left out feeling where people are looking for excellent stocks to pick and an exit for old people who have been holding and now want to encash as the bull market reaches a crescendo. So let’s be a little watchful here. I would say some of the largecaps are still looking attractive, but it is time to be a little cautious because the market looks overstretched on all parameters.

Where can investors find a buying opportunity and where is the market looking toppish like you just highlighted.
Sanjiv Bhasin: The buying opportunity continues to be stock specific ways and some of the PSUs have outperformed, particularly as a result of the China effect yesterday on iron ore or caustic soda or specialty chemicals which are making a comeback and in turn we will see effect on the Indian side.