ETMarkets Smart Talk: India is a consumption story! Discretionary consumption could do well in next 5 years: Ramkumar K

economictimes.indiatimes.com:

“Discretionary consumption with powerful brand pull should do well in the next few years as we see the per capita income of the Country growing well,” says Ramkumar K, Chief Investment Officer, Reliance General Insurance.

In an interview with ETMarkets, Ramkumar said: “We have seen volatility in our markets in the last couple of months already and we are positioned towards large caps and defensives to overcome this phase” Edited excerpts:

A mixed October for markets in the middle of India's festive season. What is capping the upside is it geopolitical concerns or valuations?
It is only geopolitical concerns and the resultant increase in international crude prices, in the recent past, which is preventing any major upside in the markets at the moment.

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Further, with the elections around the corner, it is expected that some volatility shall be seen in the next month.
Flows define valuations in the short term, so it is the flows that we have to watch out for.

What is your take on the results which have come out recently? Any company/industry that surprised you? What is the general sense you are getting from the management commentary about future earnings?
Only a few results have come out to date as it is too early for them. The results are better than the guidance owing to uncertainty in the future due to cost pressures, demand pullback, and global downtrend.

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