The next bull market won't be driven largely by banks as laggards like real estate, travel and entertainment players are likely to participate hereon, said Arvind Sanger, Managing Partner of Geosphere Capital Management.

“I wouldn't put all my bets on the banking sector,” said Sanger in an interview to CNBC-TV18. According to him, Axis Bank, ICICI could see some rotation.

He expects healthcare, health institutions and diagnostics to remain a long-term theme.

“The spending on healthcare that comes out of COVID will be permanently at higher level and will see higher growth trajectory,” added Sanger.

On India, he said the country has more growth challenges among emerging markets.

“When COVID recedes, some of the biggest growth rebound is going to come in emerging markets and in India. It’s one of the hardest hit emerging markets in terms of growth slowdown and already having growth challenges, could see some of the best tailwinds coming out of COVID from an economic rebound,” he added.

For the entire interview, watch video