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Financial services sector stock to continue upward trajectory amid economic resilience, stability

Despite recent regulatory measures by the Reserve Bank of India (RBI), the financial sector remains a focal point in the current bullish market.

Nitin Kumar Edited By: Nitin Kumar @Niitz1 New Delhi Published on: January 02, 2024 23:40 IST
RBI
Image Source : PTI/FILE PHOTO Reserve Bank of India (RBI) office in New Delhi.

The financial services sector plays a crucial role in driving the economy. According to the National Securities Depository Limited (NSDL), the largest securities depositories in the world, foreign portfolio investors have shown significant interest in the financial services sector of India. Despite the recent stringent regulations imposed by the Reserve Bank of India (RBI), the sector continues to be in focus in the current bullish market scenario. Several brokerages say that the year 2024 will be a landmark year in banking and finance, marked by significant changes and transformations.

According to a PTI report, India's banking sector is all set to witness another good year amid higher credit demand driven by strong economic growth. It added that stability on the non-performing assets (NPAs) side, robust credit demand, and a high interest rate regime are expected to help the profitability of the financial sector in the coming months.

Domestic brokerage Profitmart said that the use of technology to offer customized capital market tech-based solutions will revolutionise the industry. It said that Share India Securities which is into financial services, offering personalised services, including equity broking, currency and commodity derivatives, depository participant services, and mutual fund advisory, among others, will continue its upward trajectory.

A financial services conglomerate, it has an NSE option segment market share of 5 per cent. It has also ventured into NBFC, insurance broking, wealth management, and merchant banking. 

The brokerage has given a buy call on the stock for a target price of Rs 2,400. The stock is currently trading at Rs 1,812, as per Tuesday's closing.

The stock has given over 1,000 per cent in the past three years, according to Bombay Stock Exchange data.

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