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It was a day for the bulls on Dalal Street as the nifty hit its lifetime high, breaking above the 20,000 level, that too in the last 30 minutes of trade. The rally was led by the likes of Adani Ports and Adani Enterprises.
And there were many factors that led to it. Like the positive commentary from the G20 Summit; the rally in HDFC Bank, RIL & some PSU counters; and Foreign Fund flows. So how should you, an investor, approach the rally? Where does the caution lie?
“So you do not have to just have a rate cut for equities to go higher. I mean, that is misconception. If the real wage growth or economic growth carries on for other factors, then the economy could still go up,” says Manish Singh, Crossbridge Capital.
“To some extent, though, it should not come as a surprise if you have been looking at last six months’ data. So, the PPI number has been negative for at least three or four months now and this is just confirming things that we have discussed in the past,” says Manish Singh, Crossbridge Capital.