Mumbai: Bulls failed to hold on to the gains made last week, as bears dragged the BSE Sensex below 37,000 and the Nifty below 11,000 on August 13. Both global and domestic factors left investors on the edge, with selling pressure at higher levels pushing benchmark indices below their crucial support levels. The big bull of D-Street, Rakesh Jhunjhunwala, in an exclusive interview to CNBC-TV18 expressed concern over the state of the market and slowdown in the economy.
The NBFC crisis, elections and fiscal situations had led to a short-term slowdown in the economy, Jhunjhunwala. He was not bearish on the market at current levels and saw 10,750-11,000 levels on the Nifty to act as the bottom.