“It is not a rally where everything will move up the way it has moved in the last one-and-a-half months. We should focus on companies which can deliver good results in the next few coming quarters and where there is a resilience which will benefit from commodity prices cooling off and where the valuations are comfortable.”

“One of the stocks is NCC, which paid out a Rs 2 dividend. It is a 3% dividend yield on a stock. They have cut down their debt. The order book is strong and they will do well. The second is Ahluwalia Contracts, which is a debt-free company. They have cash on their balance sheet and have been getting decent orders.”

“From one earnings season to the other, we are definitely seeing some progress being made in terms of better operating profits. These are great times for investors who have weathered the correction which took place over the past few months and now the next few weeks and months look quite interesting. I see a lot of reversion to mean and maybe the indices can cross the previous highs.”

"Small & midcaps tend to outperform their larger peers in a bull market but any reversal in the market trend is very brutal for them. Our recommendation is simple for small & midcap stocks, stay with the companies having strong fundamentals, good growth prospects vis-à-vis their valuations, quality management, and competitive advantages."

“Almost all of the sectors which are closely linked to the investment cycle are seeing more investor interest at this point of time. Asset developers or pure infrastructure companies may not have seen that kind of interest as of now but many of the other pockets which are closely linked to economic growth or which are closely linked to investment cycle, have definitely seen better interest.”

"We believe that the rally is sustainable since we expect earnings to improve from the third quarter of FY23. However, in case US markets do get into a next stage downturn, we could see volatility in the short term. Hence, investors can maintain a balanced approach and look at a phased approach of deployment into markets if they have surpluses."

“There is no harm in booking profits. So why are people scared of missing the bus? If you book profits now and things move up another 5%, how does it matter? If you have made 30-40-50% it does not matter so much. Long -term investors can never go exorbitantly into cash. So when we think there is overvaluation, we go 20-30% into cash and then as the opportunities keep on coming up, we keep on investing that money and that cycle goes on.”

“Among the newer companies, Zomato is one which I will still place my bet on. The second one would be Nykaa where also we can see their point of presence across and that is one company which has the potential of growing big. Route Mobile is another newly listed company which has a decent business model and can do well.”

“There is still no clarity in terms of how soon we are going to see improvement in terms of earnings. At the same time, most people believe that FY24 earnings may not get impacted to a large extent even after what was witnessed in June quarter or what is likely to happen in the September quarter going ahead. After a bit of consolidation, the market may start looking at FY24 rather than worrying too much about FY23 earnings.”