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Nimesh Shah, MD and CEO, ICICI Prudential Asset Management Views on Current State of Market

Nimesh Shah, MD and CEO, ICICI Prudential Asset Management has given his mind on the outlook for the Indian equity markets, September quarter results and investment strategies for the retail investors.

Question: How would you read the Indian markets panning out because of the problems within the Eurozone along with the domestic issues like inflation etc?
Ans. The worldwide markets continues to remain volatile thanks to events in Europe and Greece. A medium-term resolution to the crisis could potentially cause a short-term rally across markets.

We feel the fact that economies of southern Europe and India will not be connected. However, since capital flow impacts the niche movement in India in the short-term, it will of course also track resolution of problems in Europe.
However, away from the Indian context, the greater problem right now is towards making India an attractive avenue for business and investments to make sure that it really is in a postion to effectively leverage its structurally strong position.

Question. FMCG companies have posted impressive pair of numbers regarding recently concluded quarter. Should one stay invested in this space?
Ans. The FMCG companies characteristic consumption demand as well as the conservative outlook have consistently witnessed strong upside over the past 3 years. That is why it is clearly trading at expensive levels.

Even though this is a low risk sector, the present valuation reduces the upside potential except in the reality of select stocks round the mid cap space. We've therefore been underweight in this particular sector owing to the valuation concerns.

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