Exit Sterlite Industries: Joshi

Sharmila Joshi, VP of Systematix Shares & Stocks is of the view that one should exit Sterlite Industries.

Joshi told CNBC-TV18, "A lot of negatives were in the price, which is why when you had this package being announced, you saw there was further relief and one saw that may be the demand would pick up because we have also seen lot of companies are announcing production cuts, largely because they are seeing demand slowdown. So in a scenario where you are seeing prices come down, as well as demand coming down, as well as production cuts being announced, so obviously commodities is not really the best space to be in."

She further added, "One should switch out of Sterlite Industries and perhaps get into a better sector. I think the market is giving you an opportunity to look at better stocks, which earlier you would have found too expensive to buy, I think banking space is an excellent space to be looking at. So you did get a good rally, so you moved higher than what you may be in the last week as far as Sterlite is concerned. So I think one should take advantage of that and switch to another sector."

Disclosure: Analyst doesn't hold the above stock.

Source: Moneycontrol