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new Delhi. For the past several days, the Indian stock market has been continuously coming down. This fall is such that big stocks have not been able to survive in it. HDFC shares are currently trading at the lowest level of 52 weeks. Along with HDFC, the stock of HDFC Bank is also at its 52-week low. To know about what can happen in the future in these two giant stocks of the Indian stock market, we took expert opinion.
Stock market experts say that due to the ongoing war between Russia and Ukraine, the overall sentiment of the Indian market is negative. FIIs are constantly withdrawing money and investing in safe places. But these two giant stocks are not going to remain calm for long. Very soon a stability will be seen in it and then after that it will also see an uptrend.
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Talking about Housing Development Finance Corporation (HDFC), on Tuesday, it made a low of Rs 2046. However, due to the good recovery in the evening in the market, it managed to close at Rs 2151.70. Similarly, HDFC Bank shares closed at Rs 1327.80 by making a low of Rs 1292.
Selling of FIIs is under pressure
Market expert Ajay Bagga told CNBCTV18.com, “The valuations of India’s financial sector are at attractive levels. But FII selling is not allowing the prices to settle and consolidate. As of now, we are following the global price trends.”
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Provisional data shows that FIIs have withdrawn Rs 26,096.7 crore from the Indian equity market so far in March 2022, which could be the sixth month of outflows for Dalal Street. From October to February, he has sold a total of Rs 1.9 lakh crore.
Best selling financial companies
Bagga said, “Despite seeing capital inflows into EM funds, FIIs continue to be a sell-off in India. Most of the selling is happening in financial companies. Once the sell-off subsides, we will see a bottom forming and then an uptrend.”
Investors are cautious due to the ongoing uncertainty due to the Russia-Ukraine war and the rise in crude oil prices. This has happened at a time when the sentiment has been disturbed due to the fear of a premature increase in interest rates during the pandemic.
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Can bet for long term
As of Monday, the Indian equity benchmark is down 15 per cent from its all-time high of October 2021. Earlier, both Sensex and Nifty had seen a great rally on the basis of liquidity.
IDBI Capital Markets Head (Research) AK Prabhakar advises investors with a long-term view to buy HDFC group stocks, which he says are trading at “extremely attractive” levels.
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Tags:, Investment, Stock tips
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