ETMarkets Smart Talk: Lupin, Polycab India among top conviction buys post correction: Amnish Aggarwal
“I believe Capital Goods, Infra, EMS, Hospitals, Pharma, Tourism, Auto, New Energy, E-com, Jewellery etc. are good themes to play at current valuations,” says Amnish Aggarwal, Director — Institutional Equities, PL Capital — Prabhudas Lilladher.
In an interview with ETMarkets, Aggarwal said: “We have cut our base case 12-month NIFTY target to 27,381 from 27,867 earlier) and recommend selective buying on dips for long-term gains” Edited excerpts:
We have witnessed a volatile November as markets keep moving from bullish and bearish phases. What is your call on markets?
Amnish Aggarwal: November has been a rollercoaster for the markets, with the NIFTY down 6% since mid-October, driven by FII outflows, geopolitical uncertainty, and a strong dollar. Inflation, especially food inflation, has also pressured demand, particularly in urban areas, with October CPI at 6.2%.
I remain cautiously optimistic on markets. Political stability post-state elections gives the government momentum for reforms and increased capex, which should drive growth. Rural demand remains steady, and I expect a boost from the festival and wedding seasons.
However, inflation remains a challenge, and with CPI high, we likely won’t see rate cuts from the RBI until after the budget.
I believe Capital Goods, Infra, EMS, Hospitals, Pharma, Tourism, Auto, New Energy, E-com, Jewellery etc. are good themes to play at current valuations.
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