“When one looks at thematic investing, it is very important to catch some of the themes early and as any theme grows and unfolds, the investors get the advantage of carrying on with the growth of that theme. That is the rationale behind getting into funds allowing EV and AI based investing themes.”

“We are in a market which is now open to risk. Maybe a couple of months ago, we had relatively lesser downside but risk reward is relatively more balanced at this stage and all the risks potentially are not behind us. All the challenges that we had a couple of months ago have not gone out. Some of these can always come back on the table like inflation.”

“In the second half, there is a case for a consolidation because we are talking about wider participation in the market. Some sort of euphoria is building in and so some consolidation is likely to happen around these levels. That is my expectation because if that does not happen, then it becomes vulnerable to a bigger correction later. ”

“The pace of the rebound in FIIs flows is likely to take a bit of a pause in the next weeks and months. I would not say big pause but certainly if the inflation data comes out to be of negative surprise meaning too much inflation or if the Fed continues to talk much more hawkish, you could see some risk-off and really it is not about India specific.”

“We will never be able to define what a freebie is and what a freebie is not. That has to be decided between the electorate and the political parties and which is why economists never talk in terms of freebies. They talk in terms of subsidies as merit subsidies and non-merit subsidies.”

“Commodity prices have corrected over the last one quarter and many of the logistics issues have eased. The expectation is that there will be tailwinds of demand in the auto sector as we move ahead, particularly on the CV side. These are four year cycles and we are probably in the first year of that cycle. We remain constructive on this space and think that this cycle is at the cusp of a takeoff.”

“Market leadership I think will continue to come from the banking sector because that is obviously a great inflation play but as we are probably noticing now, it is starting to get more rotational around the sectors, which means that the leadership is changing and it is probably not sustainable.”

"With FIIs turning net buyers in July, the smart money has moved out of IT and metal stocks and moved into value stocks. FIIs have reduced weight in sectors where they had relatively higher exposure such as IT. Besides the tightening measures taken by central banks around the globe, FIIs have reduced weight in sectors with higher risk and valuations."

“Jhunjhunwala showed that you can make money in the market with integrity, you do not have to do any manipulation, you do not have to do anything. The third thing he has shown was that the more you share, the more you prosper. Fourth, he said that relationships you make are very important.”