The last year for the markets was phenomenal so to speak because while most global markets have fallen by 10 and 20 percent, the Nifty actually gained about 5 percent odd. In the global context, as was the cleanest shirt in an otherwise dirty laundry basket.

But how is 2023 going to shape up and what should you do to protect your portfolio? What are the themes to look at – to discuss this CNBC-TV18’s Sonia Shenoy spoke to Gurmeet Chadha, Managing Partner & CIO at Complete Circle Consultants.

Talking about banks, Chadha said that this cycle is favourable to banks despite a good 2022. He is positive on IDFC First Bank.

He said, “They have a smart strategy in place in terms of getting a nice liability side franchise, good digital stack abilities which I think will scale up. If you see they have also a very nice mix of retail loans. If you see last quarter 40 percent growth in a mortgage, working very well on the credit card side rural finance they are focusing on it's a very good retail mix.”

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On manufacturing space, Chadha said, “This manufacturing push, we have been discussing throughout the year, in fact, more than a year now across industrials, across defense across textiles, electronics, I think these will continue to do well. I think the manufacturing landscape is changing, there is government policy push, there is PLI support, there is China Plus One. So, you know, everything is coming together.”

For the entire discussion, watch the accompanying video