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Last Updated : Mar 20, 2019 08:27 AM IST | Source: CNBC-TV18

Indian market poised for multi-year rally, says Porinju Veliyath

The Kochi-based investor said the market is not fully reflecting the good fundamentals of India, while the foreign institutional investors (FIIs) have more faith in India

CNBC TV18 @moneycontrolcom

Equity Intelligence India on March 19 said Indian market is poised for a multi-year rally.

In an interview to CNBC-TV18, Porinju Veliyath, managing director and portfolio manager, said, "After a ten-year consolidation phase since 2008, it would be reasonable to think it is a bull market cycle for the next 4-5 years."

The Kochi-based investor said the market is not fully reflecting the good fundamentals of India, while the foreign institutional investors (FIIs) have more faith in India, "The FIIs have invested about $5 billion in last 20 days."

Sector-specific, Veliyath said, the automobile industry is seeing so many challenges but they too will growth going forward.

Small and midcaps cement stocks have been hammered down but things seem to have bottomed out, he said, adding that company like Orient Cement.

From the private banking space, Veliyath said ICICI Bank, Axis Bank, Bank of Baroda, State Bank of India are safer bets and even Federal Bank looks like a good value bet.

With regards to IT, he said the company may prefer NIIT rather than NIIT Tech, "Many other midcap companies have also corrected significantly, so one can look at some of these mid-cap companies.

Source: CNBC-TV 18
First Published on Mar 19, 2019 08:53 pm
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