Why is the market falling despite the Budget, rate cut & Delhi poll result? Deepak Shenoy answers 

​Deepak Shenoy, Founder, Capital Mind, says there is going to be another two or three weeks of volatility due to policy uncertainty vis-a-vis Trump. After that, the fundamentals will start playing out. This is a great time for picking stocks, especially when they fall unreasonably, sometimes much more than their fundamentals indicate. That is the only time to buy stocks cheap. So market decline is not necessarily think a bad thing for people who have more than a few years to invest.How would you describe this market because all the indicators are pointing towards an upside but that clearly seems to be eluding us, despite the good news from the Budget, rate cut as well as the Delhi state election verdict. What is the market waiting for? Deepak Shenoy: Fundamentally, even the earnings are not as bad as one would have put them. We were quite positively surprised. A lot of results have come out. If you look at some of the companies and we own some of them, M&M and so on have been quite good in that respect. However, there is an overall sentiment at two levels. One is that the rupee has fallen quite considerably and therefore impacts of it downstream may be more if it continues to remain at these levels.The second one is the fact that the US has started talking tariffs again and that is a blow to world trade in a lot of ways. It is going to hurt the US a lot as well. We do not appreciate the enormity of it yet because there is a lot of jingoism going around about how this is actually beneficial X, Y, and Z, but it is beneficial to all countries in the long term, countries like India, which are anyway trying to be more self-sufficient. But in the short term, it creates a lot of downside pressure and downside pressure and lots of bankruptcies. So, you do not want that in the short term. But, of course, you have to believe that the system gets better in the long term. However, as much as this happens, it is going to be another two or three weeks of this in terms of policy uncertainty. After that, the fundamentals will start having to play out. You Might Also Like:Pankaj Pandey hopeful about cement, steel; betting on 4 auto stocksThis is a great time for picking stocks, especially when they fall unreasonably, sometimes much more than their fundamentals indicate, that is the only time you get to buy stocks cheap. I do not necessarily think this is a bad thing for people who have more than a few years to invest.You mentioned that it is time to pick stocks that have fallen more than warranted. Fundamentals are strong. Any stocks or maybe sectors that you can point out these stocks from? Deepak Shenoy: So, I will give you an example. We own LIC and LIC had a pretty good result in terms of profits – Rs 11,000 crore in profit after tax. One of their highest ever, if you do not consider the Q4, Q4 is unusually large because of the way they allocate profits from participating policies. But in Q1, Q2, Q3s, this is one of the largest profit numbers since they