At a time when global capital has strongly favoured artificial intelligence giants and marquee fundraising opportunities, India's long-term investment thesis remains infact, though the domestic market is one of the stock picker, according to Hiren Ved, Director and CIO at Alchemy Capital Management.
Speaking to NDTV Profit, Ved said foreign investors are currently focused on opportunities such as SpaceX, OpenAI and Anthropic, which are attracting a significant share of global capital.
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“The world is currently besotted with some very large IPOs and fundraising opportunities. Those are far bigger opportunities that global capital is looking to chase as compared to India at the current point in time," he said.
Ved was speaking in the context of recent measures announced to support the rupee. While he welcomed the steps, he cautioned that currency stability alone is not enough to drive foreign inflows into Indian equities.
“Currency is just one of the dimensions,” he said, adding that investors also look at relative growth opportunities across markets.
According to Ved, the government's response is nevertheless important because it signals that policymakers are actively addressing challenges arising from global uncertainties and higher commodity prices.
On the outlook for domestic equities, Ved argued that investors should focus less on benchmark indices and more on individual companies. “This is clearly a bottoms-up market,” he said.
The veteran fund manager noted that while the Nifty has largely moved sideways over the past two years, several stocks have generated substantial returns during the same period.
“We have the same problems today lingering that we had earlier, but from March many stocks have given 20%, 30%, 40%, even 50% returns,” Ved said.
He believes earnings growth is increasingly concentrated in select mid-cap and small-cap companies, making stock selection more important than broad market calls.
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