Manishi Raychaudhuri sees a clear shift in sentiment building around Indian markets, calling out “incremental positivity” as a defining undertone. Within that, his conviction is strongest in financials, where he expects both PSU and private banks to benefit. The commentary he tracks from lenders points to a steady improvement in asset quality, reinforcing his stance.
While the market veteran prefers private banks for the long term, he flags that good-quality NBFCs have turned expensive. In the near term, he also notes that manpower costs are likely to rise based on recent management commentary.
Beyond financials, Raychaudhuri highlights oil and gas as a key overweight. The sector was recently added to their Asian index following an earnings upgrade, and he remains “constructive” on its outlook.
He's also upbeat on the auto universe, with particular confidence in four-wheelers, rounding off a basket of sectors he believes can outperform in the short-term upcycle.
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