Deven Choksey, MD, DRChoksey FinServ Pvt Ltd, on Thursday said he used the recent correction in the market to buy a few good quality stocks. We have picked up shares of Jio Financial Services Ltd, Bajaj Finance Ltd, Bajaj Finserv Ltd and Kotak Mahindra Bank Ltd, the market expert told Business Today TV.
"Our approach has been very selective about buying into some of the quality names where we believe that the fundamentals remain absolutely strong and the market technicals are actually the cause of the fall in stock prices of some of these companies," Choksey stated.
In this market, one should consider buying quality stocks at lower levels, he further mentioned. Choksey also liked Praveg Ltd from the small-cap space.
When asked to share stock-specific view for today, he said, "Given the strength of fundamentals and the possibility of value unlocking in next two years, Adani Enterprises Ltd will be a better choice to get into a portfolio. The stock is reasonably placed at this point of time."
In response to query on recently listed Aadhar Housing Finance Ltd, Choksey said, "The stock looks promising as the company's focus remains on the low-cost housing segment. It can scale up its operations systematically."
Meanwhile, Indian equity benchmarks were trading lower today, dragged by banks and automobile stocks. However, broader markets (mid- and small-cap shares) were positive.
Nine out of the 16 sector gauges -- compiled by the NSE -- were trading in the red. Sub-indexes Nifty Bank and Nifty Auto were underperforming the NSE platform by falling as much as 0.43 per cent and 0.70 per cent. In contrast, Nifty IT and Nifty Media rose 0.97 per cent and 0.75 per cent, respectively.
The overall market breadth was strong as 1,990 shares were advancing while 1,618 were declining on BSE.