starting a fund

The Greece referendum on whether the citizens want a new bailout package from it
s lenders has hogged all eyeballs over the weekend. But Vikas Khemani dismisses
any talks of a market fall saying India will not see any impact on the Greeks vo
ting a 'no' in the referendum. Also read: Greece crisis to resolve in 1 week; Tr
oika's role key: JPM In an interview to CNBC-TV18, Khemani says the market will
be more worried about the Monsoon Session in the Parliament. "While the market h
as been choppy on uncertainty, in the shorter term, the upside is limited," he s
ays. Khemani believes the market can see levels of 8000-8200 on the back of deve
lopments in Greece, but long-term investors will use the opportunity to add to t
heir portfolios as India continues to be a strong investment story. Below is the
verbatim transcript of Vikas Khemani's interview with Nigel D'Souza and Reema T
endulkar on CNBC-TV18. Nigel: We have been relative outperformers, we have been
resilient and SGX Nifty this morning is telling us we are going to get around 50
-60 points downtick is what we could see, do you think that is as far low we can
go or do you think in fact this entire Greece situation that is playing out, it
has that potential to take us down back towards that 8,200-8,000 mark? A: I thi
nk this referendum outcome has definitely strengthened Prime Minister Alexis Tsi
pras and I guess now the fresh round of discussions or negotiations to start hap
pening and to that extent, I believe that the uncertainty will come back on tabl
e and I guess it is not going to get solved over next one-two days. I guess it w
ill pan out over few weeks. To that extent, market will keep having that uncerta
inty and whenever there is uncertainty, I have seen market is a bit choppy and o
n a weak note, we have had a good rally in the recent past. So as far as India i
s concerned, you will see now worries around the monsoon session also kind of cr
opping up. We will be getting into earnings season. So put together all those fa
ctors, I do believe that in a shorter-term, upside would be limited and probably
while all macro set up looks very good, so I do believe that market might remai
n soft or choppy but long-term investors would use it from a buying perspective,
which will keep on coming so the downside also probably would be limited around
8,000-8,200 levels of Nifty. Reema: Worries about Greece won't be the reason fo
r foreign institutional investors (FIIs) pulling money out of India? A: Absolute
ly not, I don t think Greece has in any sense, except being part of the global sit
uation right now, any significant impact on Indian economy or in terms of curren
cy or any linkages. Right now, maybe it could be short-term flow but I don t think
it will also have a very significant impact. We have probably withstood a lot o
f bigger issues as far as the flows are concerned. Probably China outperforming
was the bigger issue than Greece exit as far as the flows are concerned. We are
behind that and we are getting very good flow from domestic investors so I think
from liquidity perspective, from fundamental perspective, we are all well set,
we have to just go through this global uncertainty period, which is why markets
might be probably choppy in short-term.
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