"SENSEX WILL EVENTUALLY BREAK 8000"

In an interview in CNBC TV18, Ramesh Damani, Member of the Bombay Stock Exchange (BSE) said he feels that the markets will spend some time at the higher end of the range as bear confidence is at a historic high. However, possibility of the market hitting new lows cannot be ruled out, he rues. "But this won’t happen in a hurry,” Damani said. The Sensex, according to him, will eventually break 8,000.

Talking about the impact of elections might have on the market, Damani said, the markets could remain volatile during elections and he expects uncertainty two weeks prior and post elections.

However, Damani does not see a bull market for the next five years and expects contraction of economic activity.