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Buy on dips; prefer private sector over PSU banks: Kotak MF’s Harsha Upadhyaya

Updated : May 06, 2021 12:35:05 IST

Kotak Mutual Fund would look to buy the dips in the Indian market, Harsha Upadhyaya, CIO-equity, told CNBC-TV18.

“The upgrade cycle that we were seeing from the analyst community is taking a pause. We had seen that starting around September (2020) results and it would have probably continued even now given that the results have been more or less in line or slightly better than expectations, but given the uncertainty around COVID cases we have not seen any upgrades and it’s unlikely that we will see anything until next quarter results,” he said.

“So the only trigger for the market now seems to be how the COVID trajectory is going to move and clarity would emerge after the next few weeks. Therefore, buying on dips would be a better strategy at this point,” said Upadhyaya.

On financials, he said, “We are largely invested in large private sector banks and we believe that credit cost for this segment is likely to normalize over a period of time. However, similar things cannot be said about all the other banks especially in the smaller segment or some of the state-owned banks. Therefore, we would be more focused on larger private sector banks.”

For the entire interview, watch the video
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