Varun Lohchab of HDFC Securities expects that the markets to respond favourably if the status quo is upheld for LTCG (long term capital gains).
Sunil Shankar Matkar
January 30, 2023 / 09:57 AM IST
Varun Lohchab of HDFC Securities
“We expect the budget to focus more on the country’s supply side infrastructure. We don’t believe that there has been a drastic demand reduction in India due to the interest rate hike cycle, as the underlying macroeconomic numbers remain resilient,” Varun Lohchab of HDFC Securities told Moneycontrol in an interview.
The Nifty IT index witnessed multiple erosions in CY22 and its valuation now stands one standard deviation above the historical average, which indicates that it is still not very inexpensive, the Head of Institutional Research feels.
Lohchab, who has 18 years of experience in Indian equity markets across leading buy-side and sell-side firms, including Fidelity, Franklin Templeton and Jefferies, is of the view that while the IT index may not witness a deep correction, its upside is limited as well.
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