Q1 of CY19 will be a good time to buy, says Macquarie's Sandeep Bhatia

'The rupee is now at a level where it should be in terms of purchasing power and inflation differential versus the US'

Despite a sharp fall from the peak, SANDEEP BHATIA, managing director, head of equity India, commodities and global markets at Macquarie, tells Puneet Wadhwa that there could still be a 5–8 per cent downside risk for the market from the current levels. Edited excerpts: 

Are concerns regarding the markets and non-banking finance companies (NBFCs) overdone?

I don’t think so. A certain amount of correction was required as the markets were trading at very high multiples and needed a reason to correct. The reason was provided by the fund crunch in the NBFC segment. There is clearly pressure on them (NBFCs)