Bajaj Finance can contribute to this select large-cap led rally since the company has reported 34% Says Dr. V K Vijayakumar, Geojit Financial Services
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Quote On Morning Market 04 July 2023 By Dr. V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services
The unabated surge in FPI inflows will keep the market resilient. The sharp U turn in FPI investment from Rs 34146 crores of selling in the first two months of this year to Rs 90986 crores of buying in the last two months has turned the market decisively in favour of bulls. The surge in the market during the last 4 sessions was led mainly by the HDFC twins and RIL with some support from ITC. It is important to remember that these stocks have strong and improving fundamentals. Bajaj Finance can contribute to this select large-cap led rally since the company has reported 34% YoY growth and 9% QoQ growth in AUM. This is also a leading indicator of the resilient credit growth in the economy.
It makes sense to remain invested in this strong market which has taken most market participants by surprise. Optimism is fine but there is no room for exuberance since valuations do not allow an unabated rally.
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