homemarket NewsNew bull market on the anvil, says Ramesh Damani; adds HDFC twins merging may encourage further consolidation
New bull market on the anvil, says Ramesh Damani; adds HDFC twins merging may encourage further consolidation
In an interview with CNBC-TV18, market veteran and member of BSE, Ramesh Damani, outlined his view on the market trajectory and opined that the bull market is here to stay.
The merger between HDFC and HDFC Bank has given a boost to the markets with the benchmark Nifty50 topping 18,000. In an interview with CNBC-TV18, market veteran and member of BSE, Ramesh Damani, outlined his view on the market trajectory and opined that the bull market is here to stay.
"We are in a sweet spot in India this bull market is not a flash in the pan. Democracy, China Plus One, and digitization are all playing to India’s strength and thus the bull market is here to stay. I think investors are catching on to that finally,” he said.
Damani welcomed the uptick in retail investors which has shot up during the two years of the pandemic and had a word of advice for the newcomers.
“The great story out of India is that the retail investors have discovered India and I think there will be more long-term capital than some hot money coming in back and forth. I hope they don't buy it on the basis of prices only, but buy it on the basis of valuing of a business," he advised.
Damani believes the market is shrugging of bad news finding ways to move on.
"The corrections are short, sharp and swift. How is the liquidity despite foreign liquidity driving out of the market? Domestic liquidity has proven to be ample and then gains beget gains as we start gaining here, the foreign money will start coming back. As you know that the correct course in a bull market is to remain invested,” he said.
Damani termed the HDFC- HDFC Bank merger as extraordinary. "How they have led this company, and what they are doing now to take it to the second level. So I am very bullish on that."
Is there further consolidation in the banking space? Damani belives that if HDFC can go up to this size it is going to inspire a lot of other banks to say bid for an IDBI or something else.
Watch video for more.
(Edited by : Abhishek Jha)
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