ETMarkets Smart Talk: Old economy sectors likely to drive markets for next 2 years: Anirudh Garg

economictimes.indiatimes.com:

“We continue to champion the key theme of old economy sectors, which we believe will drive the market for at least the next two years," says Anirudh Garg, Partner & Fund Manager, INVasset, PMS

In an interview with ETMarkets, Garg said: “The theme includes sectors like railways, defence, infrastructure, power, capital goods, and PSU banks,” Edited excerpts:

Sensex touched 70K while Nifty50 was above 21K — we got a Fed boost towards the close of the week. What is your view on the market?
Our stance remains firm on the ongoing secular bull market. Reflecting on our previous conversation, we highlighted the potential for market corrections down to the 200-day moving average, a scenario exemplified by the Sensex’s dip to 63k on October 26th.

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We consistently advise viewing such declines as buying opportunities, believing the bull market is far from over. While we refrain from precise market predictions, our algorithms suggest the possibility of the markets soon surpassing the 23k mark, especially pre-elections.

The recent surge post the election results in the Hindu heartland states is a rational response, in our view.

These victories pave a clearer path for the 2024 elections, an essential factor in a democracy like India, emphasizing the significance of a stable government mandate for the next five years.

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Although the current market exuberance may seem a bit stretched, we maintain