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Recent market decline follows hawkish policies from the Reserve Bank of India and the US Fed, both refraining from rate cuts. Top economists and central bankers anticipate prolonged higher interest rates.
“If you speak in terms of sectoral or sub-segment related valuation risks, probably defence, railways, all these areas have seen significant re-rating in recent times. Definitely from a medium to long-term perspective, there is a lot of growth and a lot of money to be made but one cannot extrapolate the kind of moves that we have seen in the past six or nine months.”
“Fortunately, in our funds and with our investors, we have kept a significant amount of cash in the portfolio. This kind of a correction brings up the opportunity to buy. We may not buy all at once, but selectively in some of the stocks, we would like to buy in this particular fall.”
"Consumer discretionary is a long-term structural theme with the availability of many diverse sets of niche businesses. Indias per capita income is less than $2500, which is very low compared to many other countries, but it is expected to grow rapidly over this decade. With rising per capita incomes, discretionary consumption grows meaningfully."