All of a sudden yesterday, one stock which led the turnaround of the market was HDFC bank. There were two announcements, first regarding business and second regarding the shareholding changes in the last one quarter in which the stake of FII had come down. In normal cases a decline in FII holding is seen as negative but the reaction of the street was positive in this case. The reason was technical in nature because of buying which could emerge due to MSCI adjustment. But the fact is that every single stock in the financial services space has an element of high FII exposure and because they have been sellers for quite some time, these stocks have not performed as well when compared to other sectors. But as soon as they are back, which probably might be in the second half of the year, these stocks may be back in the limelight. But because each of the subsegments of the financial service space has its own operating matrix, analysts have a very different potential return estimate for each
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