The Nifty is not in a bubble zone. Volatility is seen in PSU index and small/midcap stocks while Q3FY24 earnings grew 21% YoY. A new leg of the PSU rally is expected after the July Budget. India’s productivity cycle is fueling a superior profit cycle. The market is a barometer of the economy. The PSU rally is a reflection of where is the value creation happening in the economy.
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