"Going forward, we are positive on Indian equity markets but given the higher valuation, a further rise may be muted," Piyush Garg of ICICI Securities says in an interview to Moneycontrol.
Markets are coming out of the last 1.5 years of range as the US dollar and inflation seemed to have topped out, while triggers like higher government expenditure, pick-up in private capex and resurgence of the housing market have been the major driving force, he feels.
The Executive Vice President and Chief Investment Officer, with around two decades of experience across various facets of finance, likes both PSU and private banks as they support different client bases, all of which will use credit to expand.
Going forward, he believes overall 15 percent+ credit growth in the banking sector for FY24 is sustainable. PSU banks are high on corporate lending and have been well capitalised, which can keep them afloat in this move, he says.