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Positive on IT, pharma, largecap banks, infra and consumers, says Credit Suisse’s Jitendra Gohil

Updated : January 28, 2021 05:52 PM IST

Jitendra Gohil, Head India Equity Research at Credit Suisse Wealth Management, remains positive on IT, pharmaceutical sector, largecap banks, infrastructure sector and consumer sector.

“From a medium-term perspective, we still remain positive on equity markets,” Gohil said in an interview with CNBC-TV18.

“We remain constructive in the medium-term. However, in the very near-term the valuations are stretched. It could be a minor correction, we think this correction could be a good buying opportunity in the quality stocks as the medium-term outlook is still very strong for equity markets,” he said.

“We have been extremely positive on IT. We are booking profits in IT now, we are trimming some exposures there,” he said.

He believes pharma sector could see some kind of a buying interest. “Investors would like to find some defensives. So in the near-term pharma looks resilient and looking at PLI schemes and other tailwinds, I feel pharma would see some bit of outperformance versus IT,” Gohil mentioned.

“Stronger banks are gaining market share, their deposits are growing higher, fiscal and monetary policies are supportive for banks. So underlying fundamentals for banks have improved once they started raising capital. Most of the banks have already raised capital, so there is no major concern,” he said.

According to him, some of the microfinance companies (MFCs) or some of the smaller banks may see some kind of a trouble. “We are completely differentiating what kind of banks we are recommending to our investors. I feel that the outlook for bank is not as bad as what was earlier thought. We have been having positive view on banks since July-August . This is a minor correction that we are seeing in the banking space which could be a good buying opportunity,” he said.

He is positive on infrastructure space. “We recommended investors to look at capital goods and industrial companies and sell some holdings in the cement stocks because we think the pricing outlook might remain a little challenging,” he said.

Consumer sector has done extremely well, he said. “Going forward, the valuation is a bit stretched. So we are extremely selective. We are also recommending stocks that will do well from opening up of the economy. We are positive on multiplexes segment from a medium-term perspective,” he said.

For full interview, watch the video…

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