A non-banking financial company of India, Bajaj Finance has received a boost of its share by more than 2.5% in today’s trading session after the company posted second quarter earnings report. A 28% year-on-year growth in its net profit was achieved and is even higher than analysts’ expectations despite a slowdown in macroeconomic growth.

A special emphasis was placed on Bajaj Finance’s consistent loan book expansion and better asset quality indicators. The asset base of the company was up by 33% over the prior year due to the increase in demand across the consumer, SME and rural markets.

Speaking to reporters after the earnings announcement, Bajaj Finance’s chief executive pointed out that the impressive statistics were due to a huge product diversification and sustained emphasis on digital strategies. With the positive movement observed in the stock of Bajaj Finance, other Companies in the similar field of NBFCs and private sector banks also posted positive movement.

By contrast, technology shares rose quite significantly today on increasing confidence in AI use cases and their role in future value and earnings. Shares too rose between 2-4% in the Infosys, Tata Consultancy Services and HCL Technologies. T

The boost in technology shares came after a number of premium AI related releases and partnership among these companies in the last few weeks. For instance, TCS introduced an AI-driven software platform that should allow enterprises to step up the pace of their digital business transformation programmes.

Infosys reveal news of signing a deal with a world’s top chipmaker to provide innovative AI solutions for the manufacturing industry. Some forecasted that the Indian IT services firms we have invested in are well placed to generate greater amounts of incremental revenues from implementations and integration of AI across industries.

The broader market indices also traded higher on the day and the Sensex was up by 0.8% and the Nifty 50 up 0.9%. The market participants explained the positive sentiment by domestic macroeconomic fundamentals such as, strong growth indicators, declining inflation rates, and the likelihood of the Reserve Bank of India to pull back the policy rates.

On the broader front, India’s foreign institutional investors maintained their positive stance on Indian equities thus helping the market sentiment. However, some analysts said investors should be careful as some sectors are still overvalued suggesting that the investors should be rather careful when investing in the stock market.

On balance, the upbeat trend of financial and technology sectors, which occuppy a large part of the benchmark indices, has been conducive to alleviate investors’ worries about global econonmic slowdown and geo-political risks. Going forward, as more officials begin to unveil their first quarter performance, there are many more industries that people who prognosticate about the markets will have to track in order to assess the health of corporate India and the durability of this bull run.