As the Indian indices continue to trade near record highs, brokerage firm BNP Paribas is selective on stocks, with an overweight rating on the banking sector and also on the Indian IT space. It is of the view that even as IT might face some near-term pressure on recessionary concerns, it offers a decent valuation post the current 26% correction from its peak in January 2022.”We tilt toward defensive positioning with overweight (OW) on pharma and telecom instead of auto underweight (UW), consumer staples (UW) and consumer durables (UW), where we think the valuation comfort remains low. While the outlook for domestic consumption sectors such as staples, durables and auto has improved on the moderation in commodity costs, we believe that the margin upside is already factored into the consensus estimates and we would like to wait for better entry points with sectors trading at a steep premium to their historical valuations,” noted the brokerage.Hence amid such selective positioning, brokerage firm has suggested its top 10 picks for good gains of up to 55%:
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