India has become the best performing large market in September with 4.2 per cent gains, says V K Vijayakumar, Chief Investment Strategist at Geojit Financial Services.
This move to record highs breaching the psychological 20000 mark on the Nifty has been achieved with an impressive 4.3 per cent rise in Bank Nifty, he said.
Since financials account for 32 per cent weightage in the Nifty, strength in financials, particularly the banks, can keep the Nifty resilient. More importantly, the valuations of banking stocks are even now fair. Strength in banking stocks can impart resilience to the market even though the overall market valuations are slowly rising beyond comfort levels, he added.
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