In a recent interview on CNBC-TV18, Sankaran Naren, the Chief Investment Officer of ICICI Prudential AMC, attributed India's market stability to structural growth triggers and positive domestic investor sentiment. The discussion took place on Wednesday.
Naren highlighted the rise of megacaps and predicted potential cyclical upturns for the auto industry. This optimistic outlook comes despite the current stagnation in the two-wheeler sector and the industry-wide technological shifts taking place.
The ICICI Prudential CIO also acknowledged the over-ownership-induced underperformance of private banks compared to PSU banks. However, he expressed confidence in the private banking sector's future, especially after thorough risk and positioning scrutiny.
While discussing various sectors, Naren expressed concern over the prolonged underperformance of the consumption sector. Despite this, he identified contrarian investment opportunities in struggling Real Estate Investment Trusts (REITs).
On the topic of extended trading hours, Naren suggested that it could be a double-edged sword. He noted that while these extended hours might benefit digital brokers, they could pose challenges for traditional brokers.
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