Best to avoid Vodafone Idea in the current environment: Siddhartha Khemka

We believe that gradually the growth will pick up in the rural segment due to good monsoon, says Head of Retail Research, MOSL.

What is it that you have made of this market recovery that has played out?
If you look at the Indian markets, we were underperforming the global market rally for the reasons that we quite know. The markets were expecting something out of the package from the government which at least from the market standpoint was a little disappointing and it did not touch upon a lot of the demand-side drivers. So we were underperforming to some extent but after a week of that underperformance, the market started participating in the global rally. What also happened in the last two days was the monthly expiry and a lot of these sectors which had a lot of shorts; in banking and financials, metal counters; they started witnessing some kind of short covering. There was also some kind of buying in metals and the global cyclicals. Opening up of the global economies and talks of the second round of further stimulus from the likes of Japan, from the US were some factors that helped the market move up.