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“The global semiconductor sector is positioned for a decade of expansion and is forecasted to reach a trillion-dollar industry by the year 2030 driven by automotive, data storage, and wireless industries,” says Anil Rego, Founder and Fund Manager at Right Horizons - A SEBI-registered PMS provider.In an interview with ETMarkets, Rego said: “We are bullish on the Banking, Auto & Ancillaries and Building Materials segment as we expect these segments to continue driving incremental earnings and further quality names within the space are likely to outperform peers,” Edited excerpts:It has been a volatile month so far – what is fueling volatility in the markets?Anil Rego: The mid and small-cap segments have exhibited higher volatility compared to large-caps, fueled by concerns of overvaluation in the broader market.AMFI issued advisories urging members to moderate investments in small and mid-cap funds amid fears of a potential market downturn due to significant inflows.Responding to SEBI's directives, AMFI mandated mutual funds to conduct stress tests to assess their resilience.These measures aim to mitigate risks associated with excessive inflows and market instability, emphasizing the need for caution and strategic planning within the mutual fund industry to navigate potential challenges and safeguard investor interests.The voices are growing louder about the valuations around small & midcaps – what are your views?Anil Rego: The small-cap and microcap sectors are witnessing volatility as investors exercise caution amidst concerns of overvaluation. We anticipate this volatility to persist in the short term.Our recommendation is to restrict exposure to high-quality stocks within this segment, which are available at reasonable prices and demonstrate consistent healthy earnings growth.This approach aims to navigate the current market uncertainties while capitalizing on opportunities presented by fundamentally sound investments.How should investors value small & midcaps for investment in FY25? How to determine which stock is overpriced after the recent rally?Anil Rego: The SMID segment offers high returns but comes with increased volatility. We expect selective names with a strong order book, superior earnings growth & healthy return metrics and a sustainable business model are likely to be good opportunities.We prefer companies that are available at a reasonable discount to value with clear signs of profitability and are gaining market share from the competition.If the growth momentum in earnings is sustainable for the longer term then investors may continue to hold the investments despite the rally.What is your view on Gold which is also hovering around record highs? Which is a better investment in 2024 – Gold or Silver?Anil Rego: Throughout history, gold and silver have served as safe-haven assets, offering protection against unforeseen events like market downturns and crises.Recently, gold surged to record highs amid one of the most significant rallies in years. Anticipating Federal Reserve interest rate cuts and declining U.S. real yields, we foresee continued support for gold prices.These factors underscore the enduring appeal of precious metals in times of economic uncertainty, as investors seek refuge in assets known for their stability and resilience against turbulent market conditions. As we close the FY24 – how do you see FY25 for Indian markets. Any trigger points that investors should take note off?Anil Rego: India is benefiting from tailwinds with healthy GDP growth, moderating inflation, range-bound oil prices, expected rate cuts, and resilient corporate earnings.Mid and Smallcaps have rallied since March’23 considering the structural shifts in the domestic economy that are steering toward the multi-decadal growth outlook of the economy.However, we see limited opportunities in this space in the near term and expect the large caps to contribute going forward against the backdrop assuming a stable global macro, domestic political continuation, and gradual rate cuts by the RBI.Risks are currently exogenous such as global slowdown and geopolitical uncertainty.Your list of sectors that investors should not ignore in FY25?Anil Rego: We are bullish on the Banking, Auto & Ancillaries and Building Materials segment as we expect these segments to continue driving incremental earnings and further quality names within the space are likely to outperform peers.Building Material -We are optimistic about the building materials demand outlook due to increased investment towards infrastructure, urbanisation, and a recovery in the housing and commercial real estate markets.In the FY24 budget, the government has proposed to increase the funds for PM Awas Yojna by 66%, making it Rs. 79,000 crores boosting the pace in affordable segment housing in India.Additionally, the government has proposed investing heavily in transport infrastructure projects benefitting the real-estate markets across India, especially in Tier-2 and Tier-3 cities.Auto –The sector is in a cyclical uptrend supported by a sharp recovery in urban demand and a shift in preference towards EVs.Banking –The Banking space is witnessing robust credit growth momentum driven by the continued traction in the Retail and SME segments. On a segmental basis, home loans, Auto loans and Credit card outstanding continue to grow, and corporate loans are recovering gradually.However, deposit growth continues to lag credit growth, so focus on mobilising deposits is a key monitorable.What are your views on the semiconductor trend for the next FY? Will the next set of multi-baggers come from a manufacturing/IT theme?Anil Rego: The global semiconductor sector is positioned for a decade of expansion and is forecasted to reach a trillion-dollar industry by the year 2030 driven by automotive, data storage, and wireless industries.While the IT sector is under pressure in the near term, over the longer-term, IT sector should also do well due to structural favourable factors. We believe both industries over the long term to grow healthily.SIPs have hit nearly Rs 19,000 cr mark/month. The trend is picking up fast – what does it say about the retail investor behaviour and how do you see the trend picking up in FY25?Anil Rego: According to data from the Association of Mutual Funds in India, monthly contributions to systematic investment plans (SIPs) have reached a new peak of ?19,186 crore, exceeding January's peak of ?18,838 crore.The increase in the number of investors observed during the post-pandemic period, despite volatility caused by global geopolitical factors and inflation, also indicates resilient investor behaviour.India’s strong fundamentals relative to other economies are due to the buoyant credit cycle and de-levered balance sheets of corporates and a healthier banking system.With earnings growth prospects and relatively better fundamentals, we expect the momentum to continue.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

Benchmark indices rebounded on Wednesday amid a largely firm trend in global equities. The 30-share Sensex rose 89.64 points to settle at 72,101 and the Nifty climbed 21.65 points to finish at 21,839.Stocks that were in focus included names like LIC, which fell 1.21%, Zomato, which jumped 5%, and Bharti Airtel, whose shares rose 0.26% on Wednesday.Here's what Riyank Arora, Technical Analyst at Mehta Equities, recommends investors should do with these stocks when the market resumes trading today.LICThe stock witnessed significant selling pressure in the last month, falling nearly 25% from its all-time highs. On the monthly and weekly timeframes, charts are suggesting a re-test of the breakout zone ranging from 866.00 to 918.00.This re-test of the breakout zone offers an attractive buying opportunity at current levels, with a suggested stop-loss set at the 840 mark.ZomatoThe stock has experienced a breakout above the recent anchor VWAP resistance level of 164 and has successfully closed above it. The overall technical structure appears bullish, with potential higher levels of 175 and 190 anticipated.A strict stop-loss near 150 is recommended for all active long positions on Zomato.Bharti AirtelThe stock continues to trade at its all-time highs despite weak market sentiments and has maintained its position strongly. At the current market price of 1231.80, the overall trend remains bullish, with immediate support at the 1200 mark.Below this level, the stock might dip towards 1175 and 1150. However, as long as the stock sustains well above this level, higher levels of 1300 and 1325 may be expected.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)

The sell-off in mid-cap and small-cap stocks in recent weeks has soured sentiment in this space but some of these shares may still be holding some promise. At least 60 stocks have the potential to rise between 25% and 60% based on analysts’ consensus estimates available on Bloomberg. These companies are tracked by at least 10 analysts. Ujjivan Bank, Bandhan Bank, PSP Projects, Vedant Fashions, PNB Housing Finance, Prince Pipes & Fittings, Transport Corp, Greenpanel Industries, Galaxy Surfactants, and Somany Ceramics, could return at least 25%, according to average price targets on Bloomberg. The majority of stocks have dropped from the beginning of the month, with the Nifty Midcap and Smallcap indices plunging by 6% and 9%, respectively, compared to a 2.2% fall in the Nifty 50 index. 108661658Ujjivan Bank, which has declined by 23% so far this month, could potentially rally by 50% within a year, according to 14 analysts tracking the stock. Similarly, Bandhan Bank, tracked by 28 analysts, could see an upswing of up to 45%. The stock has witnessed a decline of 26% since March. Among large caps, HDFC Bank, after having fallen by 16% this month, could gain by 34% in a year.

New Delhi: Women’s workforce participation in Indian firms may not have reached a sizable proportion just yet, but the gender equation is evolving rapidly in the Indian travel context, with women accounting for over 40% of the leisure customer base of some companies. Travel companies and hotel chains including Thomas Cook, SOTC and Leisure Hotels Group are increasing focus on women travellers amid a surge in demand for trips abroad as well as within the country. Planet Hollywood Goa, a beach resort in South Goa, for example, plans to host a first-of-its-kind Women Fun Fest with a sundowner electric beach bash and pool parties next month for women to “reclaim their weekends” and craft “unforgettable memories” with their tribe. The aim is to curate an experience that transcends the ordinary, said Manoj Mahla, director of Craftworld Events, the company behind the event. “Think thrilling activities and top-notch entertainment,” he added. Rajeev Kale, president and country head for holidays, MICE and visa at Thomas Cook (India), said women travellers have emerged as strong decision makers and are power driving the travel economy with cohorts ranging from mother-daughter bonding trips and babymoons to bachelorettes and corporate women travelling for business cum leisure.“India’s solo women travellers are indeed making their presence felt, with our data reflecting a demand of over 25-30% among women for solo travel bookings since the pandemic,” Kale said. “Women travellers are displaying discerning palates, with requests for exclusive gastronomic experiences and certification courses at the prestigious Cordon Bleu in Paris, to outdoor-adventure experiences like black-water rafting in New Zealand, and abseiling in Malaysia’s Sabah jungles.”And then there is the impact of Hallyu, or Korean wave, with K-dramas, K-pop and K-beauty driving travel demand for South Korean destinations, companies said. In December last year, NomadHer, a South Korean female solo travel app, said it had witnessed a ‘remarkable’ 12-fold surge among Indian women exploring solo adventures. The surge in demand from women travellers is not limited to metros and mini metros, but it’s happening in tier two and three cities across the country as well. There has been a 24% year-on-year growth in women travellers on India’s largest online bus ticketing platform redBus, besides a 35% year on year growth in solo women travellers between 2022-2023. SOTC Travel is seeing a 20% year-on-year uptick in women’s travel. “What is interesting is that we are seeing more women travellers taking the lead to plan their holidays in our Holiday Carnivals – especially in markets like Baroda, Surat, Nagpur, Nashik, Pune, Chandigarh, and Coimbatore,” said Daniel D’Souza, president and country head for holidays at SOTC Travel. “Basis requests from our women customers we curate customised products,” he said. “Our solo women travellers are seeking offbeat locales like Japan’s Yamanashi, France’s Menton, Switzerland’s Zermatt, Morocco’s Iminifri natural bridge, Vietnam’s Ha Giang, Kashmir’s Daksum, Maharashtra’s Chikhaldara, and Assam’s Kokrajhar.” Companies are taking measures to ensure the safety of women travellers. “Our pink seat feature is also popular as it marks a seat as pink if a female passenger has booked it, which means no male stranger can book the seat next to it,” said Rohit Sharma, COO of AbhiBus, an ixigo company. The company is seeing a 20% on-year growth in solo female bus travel searches and bookings, he said. Leisure Hotels Group, a prominent hospitality chain with a strong presence in Uttarakhand, too has noticed an uptick in female solo travellers in recent years. “We have introduced tailored initiatives to promote solo female travel at our properties. These include heightened safety protocols, easy accessibility from public areas and other women-specific amenities,” company director Vibhas Prasad said. Ankush Tanwar, associate director of sales and marketing at Pilibhit House, Haridwar-IHCL SeleQtions, said that in the last two years, the property has seen a significant increase in women traveling solo and in groups. “We have a private bathing ghat, making it a safe and ideal spot for a holy dip for them at any time of the day,” he said.