Talking about India, Holland mentioned that the upcoming Budget for 2023-24 will also provide cues for the stock market
Andrew Holland
Andrew Holland, chief executive officer at Avendus Alternate Strategies, expects the Indian as well as global markets to remain quite volatile in January due to concerns related to the US Federal Reserve hiking interest rates to combat inflation and a potential global recession next year.
The market sentiment has moved from Goldilocks scenario to recession again, he said in an interview with CNBC TV18.
Talking about India, Holland mentioned that the upcoming Budget for 2023-24 will also provide cues for the stock market. Finance Minister Nirmala Sitharaman will present the Budget in Parliament on February 1.
“For India, we have our Budget coming up in February,” he said. “So again there might be some kind of volatility around that in terms of what the finance minister may or may not do.”
Also read: Budget 2023 | What the market wants to hear from finance minister on Budget day
He expects global markets to further take cues from movements in the US market – the largest in the world- and trajectory of IT stocks in the US as well.
Holland said he is bullish on the renewables sector and the defence sector in India.
“A space which you just need to continue to invest in … the usual roads, bridges and highways being built,” he said. “But because of the capital expenditure… It’s going to be more towards those industries where there’s a security supply problem in the past or potentially in the future, and therefore, it’s going to be the different different capex cycle than we’ve seen before.”
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