L&T, Axis Bank, HDFC Bank, ICICI Bank top buys: Ajay Bodke

Ajay Bodke of Prabhudas Lilladher told CNBC-TV18, "I would bet on investment revival theme. We have seen the government expenditure in the month of April to be one of the highest over the last many years. The expectation is that the same trend in public expenditure will continue with Rs 70,000 crore of capital investments in roads and railways, we are expecting it to be front loaded. Hence, all the beneficiaries of this crowding in of private sector investments through public investments are the place that we would be asking investors to look at."

"Companies like Larsen and Toubro (L&T) and Ashoka Buildcon in the capital goods sector would figure as top buys for us. We will also be keeping a close watch on companies like Cummins India and Voltas. The other sector that we are advocating investors to look at are the beneficiaries of cyclical plays. Companies in autos and banking like Maruti Suzuki India and Ashok Leyland along with Motherson Sumi Systems in the auto ancillary space is what we are advocating investors to look at," he added.

"In the banking space, the largecap banks like Axis Bank and HDFC Bank along with ICICI Bank would be our top buys. In the PSU space we would still be cautious because we think that it will still be a quarter or two for the stressed asset problem to play out. In the smaller banks we would advocate investors to look at YES Bank."

"If one is to take a six month's perspective then a stock like Shriram Transport Finance Corporation which has seen a fall from Rs 1,350 to around Rs 800 because of the issues that the subsidiary is facing, I think it will take a quarter or so but the levels from a long-term perspective do look quite attractive. Although I would still advocate that one needs to watch out how the first quarter pans out.""However, if the commercial vehicle (CV) cycle is turning, its main business of commercial vehicles has turned around from the commentary that one is hearing from commercial vehicle makers be it Tata Motors or Ashok Leyland. Hence it would be advisable if one can start looking at some of these scrips which can be beneficiaries of a turnaround in commercial vehicle cycle," he said.