It was yet another day of gains on Dalal Street with the Nifty and Sensex climbing for the seventh straight session. This is the longest winning streak in the last 20 months going back all the way to January 2021.
CNBC-TV18 spoke to Vikas Khemani, Founder, Carnelian Capital Advisors LLP; and Ajay Srivastava, CEO, Dimensions Corporate, to discuss the market fundamentals.
On banking and auto sectors, Khemani said, “I feel that there is a very strong earnings momentum … which (is) likely to sort of sustain … we are beginning to see a good traction on the credit growth and margin expansion. The whole banking and financial services pack should do well over the next, two to three years, and most specifically in the immediate term as well.”
He added, “Secondly, automobile again, is a sector where it is coming out — it has not performed for last five years, almost four or five years — and once the chip shortage is getting over volumes are going to pick up and good amount of buoyancy will remain out there.”
On market, Srivastava said, “The positive part of the market for the last … three years, has been that the shorts always lose money in this market. For good or bad, when the market fell, the shorts were in a very low position, by the time they built up the position the market has reversed. My guess is that what you are seeing today in Bajaj Finance is more a short covering the actual buying in the market.”
Watch video for more
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!