Key policy tailwinds:
- Income-tax relief announced in budget earlier this year.
- Recent GST rate cuts that act as a consumption booster.
- Monetary easing and lower interest rates improving transmission.
“These are demand boosters,” Vora said. “With liquidity comfortable and stimulus in place, Indian equities have a fair chance to outperform.”
Where PL Group is positioning portfolios: Consumption and BFSI at the front
Vora highlighted consumption as the immediate beneficiary of stronger liquidity and tax/GST measures. She recommends multiple ways to play the theme — from autos and durables to fast-moving consumer goods — but also flagged BFSI (banks, NBFCs, financial services) as a top structural bet:Consumption: urban + semi-urban + rural demand revival expected; play via autos, durables, consumer staples & discretionary.
BFSI: muted credit growth last year should reverse; rising credit cycles will amplify earnings for banks and NBFCs. “BFSI is close to 40% of the Nifty and a revival here will support the entire index,” she said.
Metals call: industrials and commodity producers get a strong vote
PL Group is bullish on metals (industrial metals) — not to be conflated with precious metals. Vora cited lack of recent capacity additions, protectionist duties and global supply-side tightness as reasons why steel, aluminium and related producers could surprise on the upside. She said the metals complex stands to benefit from both domestic reconstruction demand and global supply constraints.
“The metals pack is very positive — global capex in mining is low and demand is set to surprise,” Vora told ET Now.
IT: Now a contrarian, defensive play — not a market leader
On software and IT services, Vora described the sector as a contrarian/defensive allocation rather than market leadership for the coming Samvat. Post-COVID growth and earlier momentum made IT a leader previously; now it offers steady cash generation and defense for portfolios, but she does not expect it to lead the next leg of market returns.
Precious metals: tactical exposure, not an all-in call
After the strong run in gold and silver this year, Vora recommends measured, gradual buying — but warns investors not to expect the same blowout returns again. Precious metals can serve as tactical hedge and portfolio ballast, while industrial metals are viewed as more structural opportunities.
Medium-term view: constructive for 3–5 years
Looking beyond the next Samvat, Vora remains constructive on India’s 3–5 year outlook. She pointed to favorable demographics, policy regime and the potential for private capex to return as consumption recovers. Expected beneficiaries include infrastructure, private sector capex plays, and sectors linked to domestic demand and industrial revival.
Risks to watch
- Vora flagged two core risks that could temper her optimism:
- Prolonged tariff/trade disruption that continues to hurt key export-oriented sectors.
- AI-led structural shifts (and other global pivot risks) that could alter growth dynamics in technology and labour-intensive industries.
Bottom line
Amisha Vora’s call for Samvat 2082 is clear: equities — led by consumption, BFSI and industrial metals — look well placed to outperform, provided policy support and domestic demand continue to play out. Precious metals remain a tactical hedge; IT and defense/capex names are to be positioned selectively. After a prolonged period of foreign selling, domestic flows and clearer earnings trajectories could usher in the next leg of market gains.