Rakesh Jhunjunwala: PM Modi spoke about land and labour but nothing has been done so far – Moneycontrol

Jhunjhunwala feels that even though the GDP may be negative this year, but the stock market may not be as impacted by the economic contraction.

‘Uncertainty is the only certainty right now,’ Rakesh Jhunjhunwala, Partner, Rare Enterprises said in an exclusive interview with CNBC-TV18 on June 1 but remains a bull on Indian markets.

The recent bounce-back could well turn out to be the beginning of a new bull market, he said.

Commenting on Coronavirus, Jhunjhunwala said that COVID-19 created a fear psychosis, but infection & deaths per million in India have been lowest. He defended the decision of the government to implement a lockdown, but still feels that COVID-19 was blown out of all proportions.

Also read: Rakesh Jhunjhunwala on COVID-19 & markets: 14 key takeaways for investors

People have to live with the virus for now, but the impact of lockdown is unlikely to be as bad as people are expecting, he said.

In terms of market, Jhunjhunwala feels that even though the GDP may be negative this year, but the stock market may not be as impacted by the economic contraction.

Despite being a long time India bull, now even Jhunjhunwala says that he is feeling frustrated now. “But, at the same time he feels that the recent bounce could well turn out to be the beginning of a new bull market,” he said.

He further added that typically before a new bull market begins, it shakes out everyone in a severe way.