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Mukul Kochhar, Head of Equities-India,
How are markets likely to react to this second wave of Covid which is not showing signs of peaking out?
Last year also, we were faced with a critical situation in March and we went into lockdown. The timeframe is very similar. It is April and the cases are rising very fast and the market is nervous and has also corrected partly. But there is a key difference. We have vaccines today unlike last year. The common wisdom was that it takes like close to a decade to develop a vaccine and nobody would have thought that by the end of 2020, we will have vaccines. So, now we have a weapon in a war which we did not have in March and vaccines do work.
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Infosys
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முகுல்-கோச்சர்
சீரம்-நிறுவனம்
இண்பொசயிச்
What would be your preferred plays given that the environment is shifting?
In the last three or four months, we have been very constructive on financials and part of the reason is that even as Covid hit, the financial sector had consolidated quite a bit. Corporate credit in the banking system has declined 10% in the last five to six years. That is a substantial amount of consolidation and speaks to the asset quality on the book of the banks and the financials. Even on the retail side, India is the least penetrated market in the world. So, both on the corporate and the retail side, there is no question of over leverage in the system and as we were coming out of this, IPO valuations were looking attractive and we were fairly constructive on the sector.
India
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Institutional-equities
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