Like domestic cyclicals; buy ICICI Bank, SBI: Parag Thakkar

Parag Thakkar of HDFC Securities told CNBC-TV18, "We are very overweight on domestic cyclicals as a space because we think that government is doing its part. In fact capital spending is up 40 percent and so that will also trigger credit growth at some point of time. Although near-term concerns in terms of asset quality or no credit growth or very low credit growth are there, so this quarter's numbers are not going to be that great." "One has to buy from long-term perspective and there might be some disappointments in this quarter’s results which might be used as an opportunity to buy something like Bank of Baroda (BoB), ICICI Bank, Axis Bank or State Bank of India (SBI). We like domestic cyclicals a lot led by banks, cement, construction companies and so on and so forth," he said. "We are not that bullish on the global outlook because yesterday’s rally was also triggered by bad data from US. It is just that Fed rate hike has got delayed, so that is why we are seeing this global rally."