We are bullish on power capex, rural consumption and pharma sector: Manish Gunwani

economictimes.indiatimes.com:

«Actually, I do think that while obviously smallcaps tend to be volatile on a two-three-year basis, that is where the big return will be made,» says Manish Gunwani, Head-Equities, Bandhan AMC.

So, where do we start with — your great call on Tata Group, hotel stocks and hospital stocks, or we should simply talk about the big picture first?
No, so I think the new themes we are more positive on which are basically things related to power capex or revival in rural consumption, pharma, so these are the new set. The ones you said are a bit old right now.

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The premium between the smallcap index and the Nifty is almost equal now and smallcap indices now are trading above their five-year average. So, do you think now forget amber light, it is red light for small and midcap stocks now?
Not at all. Actually, I do think that while obviously smallcaps tend to be volatile on a two-three-year basis, that is where the big return will be made. The big picture, as you said, I have is that we are living in times where I do not think you can be very bullish on global economic growth because China seems to be structurally slowing down, US likely to go into a cyclical slowdown over next one year or so. Japan, China, Europe, we all know that they seem to have big demographic and debt issues.
So, if we are living in a time where A) global growth is low, but I think liquidity will be good because frankly, I think the debt levels in the world are such that you will not see very high real interest