The current exuberance in the market is on back of global liquidity, says Prakash Kacholia, MD of Emkay Global. However, he adds that flows into India have been lower than what other Asian or emerging markets have been receiving. The Indian market is likely to continue its upward trend for the next 2-3 years. Investors will have to rummage through the overpriced pockets in the market, says Krishna Kumar Karwa, MD & CEO of Emkay. Like every year, Emkay Global is all set to organise the Emkay Confluence focus of which will be on domestic consumption. India, which is banking on rural recovery, will see many opportunities on the consumption side. Kacholia further says: “You need to have guts to take contrarian bets in market.” He has put his bets on two troubled sectors - pharmaceutical and public sector banks. Karwa adds that investors also need to change the investing method now. “(With) kind of global liquidity and interest rates (negative), we have to reset the way of investing in companies,” he says. The house currently advises investors to track sectors like housing finance, consumption and agro chemicals. While no domestic threats are there for the market, Karwa believes that global liquidity could change the market course.
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