Buy HDFC, says Dilip Bhat

Dilip Bhat, Joint MD of Prabhudas Lilladher told CNBC-TV18, "The foreign institutional investors (FIIs) have been selling over the past one week or so. So, we always were thinking that if they have to sell, they have to sell precisely the stocks which they are invested in."

"HDFC has taken a good beating but all other stocks where the FIIs have invested in the last two years or so have taken a good beating in the last couple of days. So, HDFC is no exception to that but on an incremental basis, on a fundamental basis, there something wrong with HDFC," he said. "I think this is a stock which has been showing a steady growth and I do not think that performance is going to be dented any which way. I think we will still continue to see a bottomline growth of around 20-22 percent for some time to come, maybe next couple of years easily. So, of course I would look to buy HDFC, as a defensive stock also at the same time especially in this kind of choppy and uncertain market," he said.