Data centres, metals and industrials are among the strongest long-term investment themes for the Indian market, according to Atul Suri, CEO of Marathon Trends, who believes investors should focus on sectors with sustained earnings momentum rather than short-term narratives.
Speaking at the NDTV Profit Townhall, Suri said data centres are likely to witness the largest capital expenditure over the next two years, making the segment one of the most compelling structural themes for investors.
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He added that markets continue to reward companies delivering consistent earnings growth, urging investors to focus on long-term momentum rather than attempting to predict short-term market moves.
Among sectors, Suri identified metals and pharmaceuticals as the best-performing areas in the current market, while noting that information technology and FMCG have been among the weakest performers in recent months.
He was particularly constructive on metals and industrials, saying he sees the beginning of a supercycle in the industrials space, driven by sustained investment activity and improving earnings visibility.
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Suri also expects a shift in market leadership, with mid-cap stocks likely to command a higher weight in investor portfolios, while large-cap stocks could see their relative weighting decline over time as investors seek faster earnings growth.
Beyond equities, Suri struck a bullish note on gold, saying the precious metal could potentially deliver returns of up to 30% over the next 12 to 18 months, supported by global macroeconomic and market trends.
Sharing his broader market philosophy, Suri said "narratives change; prices move, reasons follow," arguing that investors often create explanations after market trends have already begun. He believes momentum remains the primary driver of alpha generation in Indian equities, although current market momentum is not especially favourable.
Despite the near-term caution, Suri remains optimistic about the longer-term outlook, saying India is likely to produce multiple multibagger opportunities over the coming years.
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