We expect that these trends can continue in FY24 as banks drive growth outlook for the fiscal.ĭo you think earnings growth concerns for new-age technology companies is gradually ebbing? Will FY24 turn the tables for them? In terms of takeaways from Q4FY23 results season, we saw healthy order inflows for capital goods sector along with strong credit growth for banking and robust real estate sales while consumption was patchy and weak IT services revenue growth. How does FY24 look for India Inc? Which sectors will lead the earnings growth and which will lag? This can continue for some time in the near term as the impact of rate hikes is lagged.įurther, we have seen policymakers more hawkish this time as compared to market expectations which can dampen the optimism from an early pivot to rate cut and impact flows in the next calendar year. Do you see this sustaining in the near term and what are the triggers for the same?įII flows have largely coincided with the expectations of Fed rate hikes becoming less aggressive and thereafter hitting a pause along with improving macros with inflation cooling off even as demand factors remain resilient. We do see pockets for investors to allocate in a staggered approach as there is volatility providing decent entry opportunities for investors to build positions over time.įII inflows are at a 9-month high. We are focusing more on bottom-up strategies in current markets as overall optimism is taking valuations higher and risks on the downside continue to weigh on our investment approach. Where are you seeing bottom-up opportunities emerging for investors? We have seen that latest GDP numbers were also driven on the back of investments as private consumption growth was weakened and the same may be impacted further in case of a weak domestic monsoon.
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