Key Points
I do not think there is any big theme, which, at least to me, maybe I have missed out something, but I cannot see one big theme over there," says Manish Gunwani, Bandhan AMC...
Now, if that leads to a currency which is stronger than traditional 3% to 4% appreciation versus dollar on a structural basis, I am saying on a three-five-year basis, and the fact that you are fighting for the same talent which the captives are fighting for which means that the wage pressure may not go away which it typically does in a slowdown, you just need to be careful that the margins do not get affected..
So I think the large banks which are structurally well placed versus the smaller banks or the smaller PSU banks to me look more attractive from a three-five-year basis right now because the real cheapness of the small banks or the small PSU banks has gone away in the last two years...
Honestly from a bottom up perspective, it is not a cheap market and so I am not saying that there are consumer themes or industrial themes or export themes or china plus one kind of themes, I do not think there is anything cheap out there...
So I do not think you can take a view that I will be in consumer or I will be in industrial or I will buy high ROE companies or I will buy low ROE companies which are cheap...
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