Indian equity benchmarks BSE Sensex and NSE Nifty 50 opened with minor gains on the last trading day of the week shrugging weakness across other Asian markets.

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Harsha Upadhyaya, CIO-Equity at Kotak Mutual Fund, recently spoke to CNBC-TV18 about his views on the current state of the Indian equity market. He expressed positivity towards the banking, cement, and auto sectors, stating that they are good sectors for investors to consider.

“Banking, auto, cement and industrials are some of the pockets where we have been overweight for quite some time and continue to focus on these. Within these sectors, you will definitely get good choices,” he said.

However, he also noted that there are currently no real triggers for a great rally in the market. Despite this, he believes that after a period of consolidation, there is typically a good chance for investors to see great returns in the equity market.

“There are no real triggers for a great rally from the current levels at this point of time,” he said.

“Generally after period of consolidation or after periods of negative drawdown, you usually see great returns coming from equities,” he added.

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Upadhyaya advised investors not to lose patience and try something else during this time. He highlighted that it is not the right time to switch to other asset classes or to adopt a wait-and-watch approach. Instead, he suggested that investors should remain invested in the equity market and wait for the right opportunities to arise.

“These are not the periods where you should lose your patience and start to do something else,” he mentioned.

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When asked about his views on the discretionary theme, Upadhyaya stated that he does not see it outperforming anytime soon. He believes that the rural economy still faces challenges, and it may take some time for discretionary spending to pick up.

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