Top themes on Manulife Investment’s radar in 2025 – CNBC TV18
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He believes that despite high valuations, India remains an attractive market for foreign investors due to its robust macroeconomic position compared to other emerging markets.
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Gupta expects government spending to accelerate in the latter part of the financial year and take centre stage in the upcoming Union Budget.
Alongside this, he expects the Reserve Bank of India (RBI) to continue its liquidity injections and likely cut rates by April 2025.
These factors, he suggests, will set a positive backdrop for growth, particularly in rural consumption-focused sectors such as tractors, two-wheelers, cement, and construction.
Banking stocks and NBFCs involved in secured lending are also on his radar, benefiting from improved liquidity and lower interest rates.
There are also opportunities in digital platforms, though he notes that the momentum in this space may pause temporarily following a strong rally.
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The electronic manufacturing services (EMS) sector is another promising area, particularly ancillary players like sensor and glass manufacturers, which are poised to grow alongside India’s push for domestic production.
Gupta favours wealth management companies with annuity-based revenue models over transaction-heavy businesses like brokerages, due to their resilience and long-term potential.
On the IPO front, Gupta advises caution with aggressively priced offerings while pointing out that some under-the-radar listings have delivered strong returns.
