homemarket NewsFinancials taking COVID 19 impact on its chin; positive on ICICI, Axis, says Prakash Diwan
Financials taking COVID-19 impact on its chin; positive on ICICI, Axis, says Prakash Diwan
The financial sector is taking the COVID-19 impact on its chin, said market expert Prakash Diwan on Monday. “Sentimentally and fundamentally things look a bit difficult for financials,” he told CNBC-TV18.
The financial sector is taking the COVID-19 impact on its chin, said market expert Prakash Diwan on Monday. “Sentimentally and fundamentally things look a bit difficult for financials,” he told CNBC-TV18.
“This could continue till the numbers start plateauing, till you start seeing a little bit of flattening of the curve and the vaccination drive starts taking attention away from the cases that are rising,” he further added.
Diwan, however, believes that there is underlying demand.
“So corporate facing banks will probably be better off as compared to retail loan oriented banks. That is one of the reasons by non-banking financial companies (NBFCs) might not be the best of picks at this point in time but the likes of ICICI Bank and Axis Bank could probably steal the march.”
There will be revival in paper, in rubber and tyre related stocks, in a commodity like sugar.
“The sectors to look at first is the cyclicals which will now participate. You will see revival in paper, in rubber and tyre related stocks, you will see something in commodity like sugar. You could look at some midcap, smallcap companies as well because the time for quality midcaps is also very ripe,” Diwan mentioned.
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First Published: Apr 12, 2021 9:54 AM IST
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