Samvat 2075! Is ace investor Rakesh Jhunjhunwala retiring? This is what Dalal Street king said
The new year as per Hindu calendar has started with the big bang witnessed on Indian markets during Mahurat trading on Diwali day. The Mahurat trading, which was held on Wednesday between 5:15 pm to 6:30 pm, saw massive buying in various sectors on benchmark indices Sensex and Nifty 50. This surely comes as a good news for many long-term investors who rely on the shub mahurat of Diwali to add gains to their wealth in the days to come as it is considered auspicious. However, ace investor Rakesh Jhunjhunwala, who is also referred to as the 'Big Bull', feels quite differently at the start of Samvat 2075 and it is surely worrisome for all.
Shockingly, the Dalal Street king in fact wants power from God to not earn money in 2019! Yes, Rakesh Jhujhunwala said this! This comes as a shock, considering the hundreds and thousands of crores Jhunjhunwala has earned solely from his investment in equities. He is one investor who has gained largely on exchanges.
Talking to CNBC TV18, Jhunjhunwala said 'God to give him power to not earn money” this Samvat.
According Jhunjhunwala, God has given him plenty, and he can easily live his life on dividend income.
Jhunjhunwala told the agency that, now he wants to maintain the money he owns. Adding he also said, he want to use the money for his health, children and for giving purposes.
He even went to the extent of telling told CNBC TV18, "I want to take a sabbatical from the market for one year."
Talking about markets, Jhunjhunwala said that the market has been performing well. He said, "'we have seen a huge rally in the last few years'. Jhunjhunwala added that he has always been very bullish on India even though oil and rupee have been the biggest factors for the recent market decline.
Jhunjhunwala showed full faith in NBFC sector and also believes that, it will not tumble below the level the sector had seen earlier. He also mentioned that housing finance sector is the need of the hour for economic growth
Apart from this, Rakesh Jhunjhunwala also spoke about the bond market, where he believes that the 10-year bond yield is likely to have peaked. Finally, much to the relief of market participants, he reiterated that Nifty will not drop below 10,000-mark.