Market PSB recapitalisation, foreign borrowing will kickstart the next investment cycle, says Pradeep Kumar Kesavan of Elara Capital Updated : July 23, 2019 10:44 AM IST Among sectors, consumption, especially FMCG has been the last line of defense for a long time. According to them, it is hard to see sectors that are totally immune to macro or domestic turbulences. However, some sectors are more turbulence proof than others! A combination of slowing global and domestic growth, declining domestic consumption and high valuations relative to historical averages has been dragging the markets down, added Elara Capital. Subscribe to Moneycontrol PRO at just Rs.33/- per month for the first year. Use code SUPERPRO. Limited period offer. Available on Web and Android.