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Market may consolidate; largecaps and banks to outperform: Andrew Holland

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Market may consolidate; largecaps and banks to outperform: Andrew Holland

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The Indian market can consolidate post its recent run, Andrew Holland, chief executive officer of Avendus Capital Public Markets Alternate Strategies, told CNBC-TV18. However, he expects largecaps and banks to continue to outperform.

The Indian market can consolidate post its recent run, Andrew Holland, chief executive officer of Avendus Capital Public Markets Alternate Strategies, told CNBC-TV18. However, he expects largecaps and banks to continue to outperform.

“Once we start to see the reopening (of lockdown) then the market will try and get to 16,000 level on Nifty over the next month. So maybe a bit of a consolidation, profit-taking to clear mid and small-caps but large-caps likely to lead the way again as reopening of the economy starts to pick up the pace and of course the banking sector will be the main driver of the index once the economy starts to reopen,” said Holland.
On market, he said, “It had a good run in the past month. All the concerns over rising cases (COVID-19) ebbed away and global markets have been very supportive in the backdrop and that helped the sentiment and now with the expectations of the vaccine and vaccination rollout would augur well for sentiment to continue to improve.”
He further said that Avendus prefers auto companies with higher global exposure in the near term.
“If we start to see the stocks continue to fall then that would be the entry point we would be looking at over the next one-two weeks. The ones which are linked to overseas markets would do better in the short-term,” he said.
For the entire interview, watch the video
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