Macro picture looks shakier than what it was before: Udayan Mukherjee

In an interview to CNBC-TV18, Udayan Mukherjee of CNBC-TV18 shared his reading and outlook on market as well as on some sectors and stocks.

I think the macro picture now looks a little shakier now than it was before and given that Rs 20,000 crore is going out of the fiscal number,  already the fiscal deficit number was looking a bit shaky and coupled with the fact that you will probably have rate hikes from the US Fed in December and the crude prices are stubbornly high, there is a case to say that the Reserve Bank of India (RBI) will probably not be in a position to cut rates any longer from here, which robs the stock market of one tailwind, he said.

"I think there is some degree of macro-skepticism, which should accompany any kind of micro exuberance that one is seeing in specific stocks, which beneficiaries of GST handout on Friday," he said.

According to him, the foreign investors might take a slighlty dim view of the macro picture, while local investors might be partying because of the GST news, he said.

Udayan Mukherjee

Consulting Editor |CNBC-TV18

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Moreover, crude also remains a risk for our markets, we have got to monitor it constantly because that might be shifting our macros a little bit, said Mukherjee.

Speaking on consumption sector, he said that if there is no consumption then there is no market because right now that is the only thing which is firing. Consumption is the only heart of the market right now, he added. Financials which is the other big leg of the market  is doing fine, he added.