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“We will broadly be between 18,500 and 20,200, the previous highs that we crossed. Markets are really not going anywhere in a hurry. It is going to be a pick and choose market for all that you know. But it is a very good time to create a portfolio for the medium term, post the central elections in 2024. ”
"The Indian economy is witnessing a revival in capex, which is being driven by strong government spending and private investment in key sectors such as infrastructure, capital goods, renewables, oil and gas, automobiles, and certain brownfield upgradation capex. ROEs have been remarkably resilient and improving in the BFSI segment, especially for lenders."
"In terms of sector preferences, large private banks are currently experiencing an advantage of fall in the Net Interest Margins (NIMs), although they maintain robust credit growth and stable asset quality. Most of these banks are well-capitalized, and their valuations align with historical averages. Meanwhile, the pharmaceutical sector is showing resilience with steady performance in the domestic market."
“Largecap story is back but when it comes to relative risk reward on the valuation basis, if you begin with that, then definitely it stands out because generally 60% of largecaps is about the consumption part of Indian economy through retail credit growth or through FMCG or auto OEMs, etc.”
"While Indias long-term future looks bright, the valuations are at the upper end of the range, and there is some froth in small/mid-cap stocks. So, despite being bullish on India from a long-term perspective, pure beta strategies may struggle to deliver good returns in the short term. Further, Our markets will also evolve to distinguish between sophisticated investors and retail investors."